MERRILL LYNCH MORTGAGE INVESTORS INC
8-K, 1997-01-24
ASSET-BACKED SECURITIES
Previous: SALOMON BROTHERS MORTGAGE SECURITIES VII INC, 424B5, 1997-01-24
Next: MERRILL LYNCH MORTGAGE INVESTORS INC, 8-K, 1997-01-24




<PAGE>
  
              SECURITIES AND EXCHANGE COMMISSION

                    Washington, D.C. 20549

                           FORM 8-K
                   
                        CURRENT REPORT

          Pursuant to Section 13 or 15(d) of the
             Securities Exchange Act of 1934
 
Date of Report (Date of earliest event report): November 29, 1996

            Merrill Lynch Mortgage Investors, Inc.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)

                   Delaware
- -------------------------------------------------------------------------------
(State or other jurisdiction of incorporation)

       333-1704                                                  13-3416059
- -------------------------------------------------------------------------------
(Commission File Number)                       (IRS Employer Identification No.)

             World Financial Headquarters
                North Tower - 10th Fl.
             New York, New York 10281-1310
- -------------------------------------------------------------------------------
(Address of principal executive offices and Zip code)

Registrant's telephone number, including area code: (212) 449-0336

                Not Applicable
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report)

<PAGE>
 
Item 5. Other Events
        ------------

Merrill Lynch Mortgage Investors, Inc. files herewith a copy of the Servicer's
reports for record date of November 29, 1996 and distribution date of 
December 26, 1996 relating to its Series 1996-C1 Trust Fund to holders of
Class A, Class B, Class C, Class D, and Class IO Certificates.


SIGNATURES
- -----------

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on behalf by the
undersigned hereunto duly authorized.

                Merrill Lynch Mortgage Investors, Inc.


                By:  /s/ Michael M. McGovern

                     Michael M. McGovern

                Its: Director and Secretary


Dated:  January 21, 1997

<PAGE>

<TABLE>


                       MERRILL LYNCH MORTGAGE INVESTORS, INC
                         Mortgage Pass-Through Certificates
                                 Series 1996-C-1
                                      REMIC I
                           Statement To Certificateholders
               
                              DISTRIBUTIONS IN DOLLARS

<CAPTION>

                               PRIOR                                                                CURRENT
             ORIGINAL      PRINCIPAL                                       REALIZED   DEFERRED    PRINCIPAL
 CLASS     FACE VALUE        BALANCE     INTEREST   PRINCIPAL      TOTAL     LOSSES   INTEREST      BALANCE
 -----     ----------      ---------     --------   ---------      -----   --------   --------    ---------
<S>             <C>            <C>          <C>         <C>        <C>        <C>        <C>          <C>
  R-I            0.00           0.00         0.00        0.00       0.00       0.00       0.00         0.00





           ----------      ---------     --------   ---------      -----   --------   --------    ---------
TOTALS           0.00           0.00         0.00        0.00       0.00       0.00       0.00         0.00
           ----------      ---------     --------   ---------      -----   --------   --------    ---------

<CAPTION>

                      FACTOR INFORMATION PER $1000 OF ORIGINAL FACE                        PASS-THROUGH
                                                                                                  RATES
                               PRIOR                                        CURRENT
                           PRINCIPAL                                      PRINCIPAL
 CLASS          CUSIP       BALANCES     INTEREST   PRINCIPAL      TOTAL   BALANCES    CURRENT         NEXT
 -----     ----------      ---------     --------   ---------      -----   --------   --------    ---------
<S>                        <C>          <C>         <C>        <C>        <C>        <C>          <C>
  R-I                       0.000000     0.000000    0.000000   0.000000   0.000000   0.000000%    0.000000%


<CAPTION>


<S>                         <C>                                         <C>                       <C>
SELLER:                     Merrill Lynch Mortgage Investors, Inc.            ADMINISTRATOR:             Tim Lewis
SERVICER:                            GE Capital Realty                                            Bankers Trust Company
LEAD UNDERWRITER:                   Merrill Lynch & Co.                                                3 Park Plaza
RECORD DATE:                         November 29, 1996                                                 Irvine, CA 92714
DISTRIBUTION DATE:                   December 26, 1996                   FACTOR INFORMATION:         (800) 735 -7777

                                       Page 1 of 8                       COPYRIGHT 1996 Bankers Trust Company
</TABLE>

<PAGE>

                        
                            MERRILL LYNCH MORTGAGE INVESTORS, INC
                              Mortgage Pass-Through Certificates
                                       Series 1996-C-1
                                           REMIC II
                                 Statement To Certificateholders

                                    DISTRIBUTIONS IN DOLLARS
<TABLE>

<CAPTION>

                                   PRIOR                                                                                    CURRENT
              ORIGINAL         PRINCIPAL                                                     REALIZED   DEFERRED          PRINCIPAL
CLASS       FACE VALUE           BALANCE        INTEREST    PRINCIPAL           TOTAL          LOSSES   INTEREST            BALANCE
- ------  --------------   ---------------    ------------   ----------    ------------        --------   --------     --------------
<S>    <C>               <C>               <C>            <C>           <C>                     <C>        <C>      <C>
 S      182,300,000.00    178,240,337.17    1,201,293.56   595,568.80    1,796,862.36            0.00       0.00     177,644,768.37
 T       27,813,000.00     27,813,000.00      187,452.39         0.00      187,452.39            0.00       0.00      27,813,000.00
 U      226,505,616.00    226,505,616.00    1,526,589.00         0.00    1,526,589.00            0.00       0.00     226,505,616.00
 V       38,833,000.00     38,833,000.00      261,724.33         0.00      261,724.33            0.00       0.00      38,833,000.00
 W       38,833,000.00     38,833,000.00      261,724.33         0.00      261,724.33            0.00       0.00      38,833,000.00
 X       32,361,000.00     32,361,000.00      218,104.73         0.00      218,104.73            0.00       0.00      32,361,000.00
 Y      100,319,459.00    100,319,459.00      675,641.84         0.00      675,641.84            0.00       0.00     100,319,459.00
 Z          254,384.00        253,003.67            0.00       200.11          202.11            0.00       0.00         252,801.56
R-II              0.00              0.00            0.00         0.00            0.00            0.00       0.00               0.00

        --------------   ---------------    ------------   ----------    ------------         -------   --------     --------------
TOTALS  647,219,459.00    643,158,415.84    4,332,530.18   595,770.91    4,928,301.09            0.00       0.00     642,562,644.93
        --------------   ---------------    ------------   ----------    ------------         -------   --------     --------------

<CAPTION>

                   FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
                                                                                                                  PASS-THROUGH
                                                                                                                         RATES
                                   PRIOR                                                      CURRENT                  
                               PRINCIPAL                                                    PRINCIPAL         
CLASS            CUSIP           BALANCE        INTEREST    PRINCIPAL           TOTAL         BALANCE    CURRENT               NEXT
- ------  --------------    --------------    ------------   ----------    ------------   -------------   --------           --------
<S>     <C>                <C>                 <C>          <C>             <C>        <C>             <C>                <C>
  S                           977.730868        6.589652     3.266971        9.856623     974.463897     8.087688%        8.087648%
  T                         1,000.000000        6.739740     0.000000        6.739740   1,000.000000     8.087688%        8.087648%
  U                         1,000.000000        6.739740     0.000000        6.739740   1,000.000000     8.087688%        8.087648%
  V                         1,000.000000        6.739740     0.000000        6.739740   1,000.000000     8.087688%        8.087648%
  W                         1,000.000000        6.739740     0.000000        6.739740   1,000.000000     8.087688%        8.087648%
  X                         1,000.000000        6.739740     0.000000        6.739740   1,000.000000     8.087688%        8.087648%
  Y                         1,000.000000        6.734903     0.000000        6.734903   1,000.000000     8.087688%        8.087648%
  Z                           994.573833        0.000000     0.794508        0.794508     993.779326           NA               NA
R-II                            0.000000        0.000000     0.000000        0.000000       0.000000     0.000000%        0.000000%

<CAPTION>

<S>                         <C>                                         <C>                       <C>
SELLER:                     Merrill Lynch Mortgage Investors, Inc.            ADMINISTRATOR:             Tim Lewis
SERVICER:                            GE Capital Realty                                            Bankers Trust Company
LEAD UNDERWRITER:                   Merrill Lynch & Co.                                                3 Park Plaza
RECORD DATE:                          November 29, 1996                                                 Irvine, CA 92714
DISTRIBUTION DATE:                    December 26, 1996                  FACTOR INFORMATION:         (800) 735 -7777


                                        Page 2 of 8                         COPYRIGHT 1996 Bankers Trust Company
</TABLE>

<PAGE>

                              MERRILL LYNCH MORTGAGE INVESTORS, INC
                                Mortgage Pass-Through Certificates
                                         Series 1996-C-1
                                            REMIC III
                                 Statement To Certificateholders

                                    DISTRIBUTIONS IN DOLLARS
<TABLE>

<CAPTION>

                               PRIOR                                                                        CURRENT
            ORIGINAL       PRINCIPAL                                            REALIZED   DEFERRED       PRINCIPAL
CLASS     FACE VALUE         BALANCE     INTEREST     PRINCIPAL         TOTAL     LOSSES   INTEREST         BALANCE
- -----  -------------  -------------- ------------    ----------  ------------   --------   --------  --------------
<S>   <C>             <C>            <C>            <C>         <C>                <C>        <C>   <C>
A-1   182,300,000.00  178,240,337.17  1,062,015.34   595,568.80  1,657,584.14       0.00       0.00  177,644,768.37
A-2    27,813,000.00   27,813,000.00    167,805.10         0.00    167,805.10       0.00       0.00   27,813,000.00
A-3   226,505,616.00  226,505,616.00  1,400,559.73         0.00  1,400,559.73       0.00       0.00  226,505,616.00
A-PO      254,384.00      253,003.67          0.00       202.11        202.11       0.00       0.00      252,801.56
B      38,833,000.00   38,833,000.00    240,117.38         0.00    240,117.38       0.00       0.00   38,833,000.00
C      38,833,000.00   38,833,000.00    240,117.38         0.00    240,117.38       0.00       0.00   38,833,000.00
D      32,361,000.00   32,361,000.00    200,098.85         0.00    200,098.85       0.00       0.00   32,361,000.00
IO              0.00            0.00    401,992.99         0.00    401,992.99       0.00       0.00            0.00
E      48,541,000.00   48,541,000.00    300,145.18         0.00    300,145.18       0.00       0.00   48,541,000.00
F      32,361,000.00   32,361,000.00    200,098.85         0.00    200,098.85       0.00       0.00   32,361,000.00
G      19,417,459.00   19,417,459.00    119,579.37         0.00    119,579.37       0.00       0.00   19,417,459.00
R-III           0.00            0.00          0.00         0.00          0.00       0.00       0.00            0.00

      --------------  --------------  ------------   ----------  ------------       ----       ----  --------------
TOTAL 647,219,459.00  643,158,415.84  4,332,530.18   595,770.91  4,928,301.09       0.00       0.00  642,562,644.93
      --------------  --------------  ------------   ----------  ------------       ----       ----  --------------

<CAPTION>

             FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
                                                                                                PASS-THROUGH
                                  PRIOR                                                 CURRENT               RATES
                              PRINCIPAL                                               PRINCIPAL        -----------------
CLASS   CUSIP                   BALANCE     INTEREST     PRINCIPAL        TOTAL         BALANCE   CURRENT            NEXT
- ------ ---------           ------------     --------     ---------       -------   ------------   --------      ----------
<S>    <C>                <C>                <C>          <C>          <C>         <C>           <C>             <C>
A-1    589929LJ5             977.730868      5.825646     3.266971      9.092617     974.463897% 7.150000%       7.150000%
A-2    589929LK2           1,000.000000      6.033333     0.000000      6.033333   1,000.000000  7.240000%       7.240000%
A-3    589929LL0           1,000.000000      6.183333     0.000000      6.183333   1,000.000000  7.420000%       7.420000%
A-PO   589929LQ9             994.573833      0.000000     0.794508      0.794508     993.779326         NA              NA
B      589929LM8           1,000.000000      6.183333     0.000000      6.183333   1,000.000000  7.420000%       7.420000%
C      589929LN6           1,000.000000      6.183333     0.000000      6.183333   1,000.000000  7.420000%       7.420000%
D      589929LP1           1,000.000000      6.183333     0.000000      6.183333   1,000.000000  7.420000%       7.420000%
IO     589929LR7               0.000000      0.468888     0.000000      0.468888       0.000000         NA              NA
E      589929LS5           1,000.000000      6.183333     0.000000      6.183333   1,000.000000  7.420000%       7.420000%
F      589929LT3           1,000.000000      6.183333     0.000000      6.183333   1,000.000000  7.420000%       7.420000%
G      589929LU0           1,000.000000      6.158343     0.000000      6.183333   1,000.000000  7.420000%       7.420000%
R-III                          0.000000      0.000000     0.000000      0.000000       0.000000  0.000000%       0.000000%

<CAPTION>

<S>                         <C>                                         <C>                       <C>
SELLER:                     Merrill Lynch Mortgage Investors, Inc.            ADMINISTRATOR:             Tim Lewis
SERVICER:                            GE Capital Realty                                            Bankers Trust Company
LEAD UNDERWRITER:                   Merrill Lynch & Co.                                                3 Park Plaza
RECORD DATE:                         November 29, 1996                                                 Irvine, CA 92714
DISTRIBUTION DATE:                   December 26, 1996                    FACTOR INFORMATION:         (800) 735 -7777


                                        Page 3 of 8                        COPYRIGHT 1996 Bankers Trust Company
</TABLE>

<PAGE>

<TABLE>

                      MERRILL LYNCH MORTGAGE INVESTORS, INC
                        Mortgage Pass-Through Certificates
                                Series 1996-C-1

                        Statement To Certificateholders

Distribution Date:      December 26, 1996    

<S>                                                                                             <C>
NONRECOVERABLE ADVANCE                                                                                 0.00
SERVICING ADVANCE                                                                                      0.00


MASTER SERVICER P&I ADVANCES MADE:                                                               756,997.40
MASTER SERVICER UNREIMBURSED P&I ADVANCES OUTSTANDING:                                                 0.00
INTEREST ACCRUED AND PAYABLE TO MASTER SERVICER IN RESPECT OF UNREIMBURSED ADVANCES:                   0.00

<S>                                                                            <C>              <C>
ACCURED SERVICING FEES FOR THE CURRENT PERIOD:                                  66,795.39
PLUS ADDITIONAL SERVICING FEES:                                                      0.00
LESS PERMITTED REDUCTIONS TO SERVICING FEES:                                         0.00
TOTAL SERVICING FEES DUE MASTER SERVICER:                                       66,795


ACTUAL COLLECTED SERVICING FEES FOR CURRENT PERIOD:                                               59,501.82

<CAPTION>

AGGREGATE DELINQUENT AND FORECLOSURE MORTGAGE LOAN INFORMATION:

                                            1        2         3+
AGGREGATE DELINQUENT INFORMATION:         MONTH    MONTHS    MONTHS                                   TOTAL
- ---------------------------------         ------   -------   -------                                  ------
<S>                                       <C>      <C>        <C>                                     <C>
AGGREGATE STATED PRINCIPAL BALANCE         0.00      0.00      0.00                                    0.00
NUMBER OF LOANS                               0         0         0                                       0

AGGREGATE FORECLOSURE INFORMATION:                                                                    TOTAL
- ----------------------------------                                                                    ------
AGGREGATE STATED PRINCIPAL BALANCE                                                                     0.00
NUMBER OF LOANS                                                                                           0
- ------------------------------------------------------------------------------------------------------------
<CAPTION>

  LOAN LEVEL DELINQUENCY AND FORECLOSURE INFORMATION (if applicable):
      <S>                                                                  <C> 
       31-60 DAY DELINQUENCIES
       -----------------------
       LOAN NUMBER:                                                          NA
       STATED PRINCIPAL BALANCE:                                             NA
       COMMENTS:


       61-90 DAY DELINQUENCIES
       -----------------------
       LOAN NUMBER:                                                          NA
       STATED PRINCIPAL BALANCE:                                             NA
       COMMENTS:


       90+ DAY DELINQUENCIES
       ---------------------
       LOAN NUMBER:                                                          NA
       STATED PRINCIPAL BALANCE:                                             NA
       COMMENTS:


       FORECLOSURE INFORMATION
       -----------------------
       LOAN NUMBER:                                                          NA
       STATED PRINCIPAL BALANCE:                                             NA
       COMMENTS:


                              Page 4 of 8                           COPYRIGHT 1996 Bankers Trust Company

</TABLE>

<PAGE>


                      MERRILL LYNCH MORTGAGE INVESTORS, INC
                       Mortgage Pass-Through Certificates
                                Series 1996-C-1
 
                         Statement To Certificateholders
 
Distribution Date:      December 26, 1996

<TABLE>

<S>                                                                                         <C>
STATED PRINCIPAL BALANCES OF THE MORTGAGE POOL PRIOR TO CURRENT DISTRIBUTION DATE:           643,158,415.91
STATED PRINCIPAL BALANCES OF THE MORTGAGE POOL SUBSEQUENT TO CURRENT DISTRIBUTION DATE:      642,562,645.00

CLASS IO- COMPNENT 1 PASS-THROUGH RATE                                                            0.667688%
CLASS IO- COMPNENT 1 NOTIONAL AMOUNT PRIOR TO CURRENT DISTRIBUTION DATE:                     642,905,412.17
CLASS IO- COMPNENT 1 NOTIONAL AMOUNT SUBSEQUENT TO CURRENT DISTRIBUTION DATE:                642,309,843.37

CLASS IO- COMPNENT 2 PASS-THROUGH RATE                                                            0.270000%
CLASS IO- COMPNENT 2 NOTIONAL AMOUNT PRIOR TO CURRENT DISTRIBUTION DATE:                     178,240,337.17
CLASS IO- COMPNENT 2 NOTIONAL AMOUNT SUBSEQUENT TO CURRENT DISTRIBUTION DATE:                177,644,768.37

CLASS IO- COMPNENT 3 PASS-THROUGH RATE                                                            0.180000%
CLASS IO- COMPNENT 3 NOTIONAL AMOUNT PRIOR TO CURRENT DISTRIBUTION DATE:                      27,813,000.00
CLASS IO- COMPNENT 3 NOTIONAL AMOUNT SUBSEQUENT TO CURRENT DISTRIBUTION DATE:                 27,813,000.00

AVAILABLE DISTRIBUTION AMOUNT:                                                                 4,928,301.09

ENDING LOAN COUNT                                                                                       159
WEIGHTED AVGERAGE REMAINING TERM TO MATURITY                                                         112.00
WEIGHTED AVGERAGE MORTGAGE RATE OF THE MORTGAGE LOANS                                             8.092007%

<CAPTION>
<S>                                                                           <C>                     <C>
PREPAYMENT PREMIUMS THIS PERIOD:                                                                       0.00

    CLASS A-1                                                                  0.00
    CLASS A-2                                                                  0.00
    CLASS A-3                                                                  0.00
    CLASS B                                                                    0.00
    CLASS C                                                                    0.00
    CLASS D                                                                    0.00
    CLASS IO                                                                   0.00

YIELD MAINTENANCE CHARGES:                                                                             0.00

    CLASS A-1                                                                  0.00
    CLASS A-2                                                                  0.00
    CLASS A-3                                                                  0.00
    CLASS B                                                                    0.00
    CLASS C                                                                    0.00
    CLASS D                                                                    0.00
    CLASS IO                                                                   0.00



                              Page 5 of 8                                COPYRIGHT 1996 Bankers Trust Company

</TABLE>

<PAGE>

                  MERRILL LYNCH MORTGAGE INVESTORS, INC
                    Mortgage Pass-Through Certificates
                              Series 1996-C-1

                     Statement To Certificateholders


Distribution Date:         December 26, 1996    

<TABLE>

<S>                                                                                     <C>                <C>
PRINCIPAL DISTRIBUTION AMOUNT:                                                                              595,770.91

      SCHEDULED PAYMENTS (OTHER THAN BALLOON PAYMENTS):                                  595,770.91
      ASSUMED SCHEDULED PAYMENTS:                                                              0.00
      PRINCIPAL PREPAYMENTS:                                                                   0.08
      BALLOON PAYMENTS:                                                                        0.00
      LIQUIDATION AND INSURANCE PROCEEDS                                                       0.00
      ASSUMED SCHEDULED PAYMENTS (relating to REO Properties:                                  0.00
      LIQUIDATION AND INSURANCE PROCEEDS (relating to REO Properties):                         0.00
      REO REVENUES                                                                             0.00

<CAPTION>

LOAN LEVEL PRINCIPAL PREPAYMENT INFORMATION:

      LOAN NUMBER                                                                 PRINCIPAL PREPAYMENT
      -----------                                                                 --------------------
<S>                                                                                    <C>                    <C>                 





REALIZED LOSSES AND ADDITIONAL TRUST FUNDS EXPENSES:
- ----------------------------------------------------
AGGREGATE REALIZED LOSSES DURING CURRENT COLLECTION PERIOD:                                                     0.00
AGGREGATE ADDITIONAL TRUST FUND EXPENSES DURING CURRENT COLLECTION PERIOD:                                      0.00

<CAPTION>

ADDITIONAL TRUST FUND EXPENSES BY TYPE (as reported by Master Servicer, Special Servicer and Trustee):

<S>                                                                                               <C>
SPECIAL SERVICING FEES                                                                             0.00
PRINCIPAL RECOVERY FEES                                                                            0.00
INTEREST ON ADVANCES PAYABLE TO MASTER SERVICER                                                  485.25
EXPENSES INCURRED BY TRUST PURSUANT TO SECTION 3.09(c)                                             0.00
COST OF AN INDEPENDENT APPRAISER                                                                   0.00
ANY AMOUNTS PAYABLE TO NAMED PARTIES PURSUANT TO SECTION 6.03                                      0.00
COST OF ANY ADVICE & OPINIONS OF COUNSEL RELATING TO SPECIFIED SECTIONS                            0.00
COST OF OBTAINING REO EXTENSIONS PER 3.16(a)                                                       0.00
COST OF RECORDING THE POOLING & SERVICING AGREEMENT                                                0.00
TRUSTEE FEES AND EXPENSES PER SECTION 8.05                                                         0.00
COST OF OPINIONS OF COUNSEL SOUGHT BY TRUSTEE PER SECTION 3.05(b)(iv)                              0.00
TO PAY ANY AND ALL FEDERAL, STATE, OR LOCAL TAXES ON EITHER REMICSs                                0.00
TO PAY TRUSTEE FOR ANY AMOUNTS REIMBURSABLE TO IT PER SECTION 10.01(f)                             0.00


REALIZED LOSSES WHICH REMAIN UNALLOCATED:                                                                       0.00
ADDITIONAL TRUST FUND EXPENSES WHICH REMAIN UNALLOCATED:                                                        0.00



                                       Page 6 of 8                     COPYRIGHT 1996 Bankers Trust Company

</TABLE>

<PAGE>



                    MERRILL LYNCH MORTGAGE INVESTORS, INC
                      Mortgage Pass-Through Certificates
                              Series 1996-C-1

                       Statement To Certificateholders

Distribution Date:           December 26, 1996

<TABLE>

<S>                                                                            <C>
ACCRUED CERTIFICATE INTEREST:
CLASS A-1                                                                        1,062,015.34
CLASS A-2                                                                          167,805.10
CLASS A-3                                                                        1,400,559.73
CLASS B                                                                            240,117.38
CLASS C                                                                            240,117.38
CLASS D                                                                            200,098.85
CLASS IO-COMPONENT 1                                                               357,716.96
CLASS IO-COMPONENT 2                                                                40,104.08
CLASS IO-COMPONENT 3                                                                 4,171.95
CLASS E                                                                            300,145.18
CLASS F                                                                            200,098.85
CLASS G                                                                            120,064.62

DISTRIBUTABLE CERTIFICATE INTEREST:
CLASS A-1                                                                        1,062,015.34
CLASS A-2                                                                          167,805.10
CLASS A-3                                                                        1,400,559.73
CLASS B                                                                            240,117.38
CLASS C                                                                            240,117.38
CLASS D                                                                            200,098.85
CLASS IO-COMPONENT 1                                                               357,716.96
CLASS IO-COMPONENT 2                                                                40,104.08
CLASS IO-COMPONENT 3                                                                 4,171.95
CLASS E                                                                            300,145.18
CLASS F                                                                            200,098.85
CLASS G                                                                            120,064.62

UNPAID DISTRIBUTABLE CERTIFICATE INTEREST:
CLASS A-1                                                                                0.00
CLASS A-2                                                                                0.00
CLASS A-3                                                                                0.00
CLASS B                                                                                  0.00
CLASS C                                                                                  0.00
CLASS D                                                                                  0.00
CLASS IO-COMPONENT 1                                                                     0.00
CLASS IO-COMPONENT 2                                                                     0.00
CLASS IO-COMPONENT 3                                                                     0.00
CLASS E                                                                                  0.00
CLASS F                                                                                  0.00
CLASS G                                                                              1,396.69



                                Page 7 of 8                       COPYRIGHT 1996 Bankers Trust Company
</TABLE>

<PAGE>

<TABLE>

                           MERRILL LYNCH MORTGAGE INVESTORS, INC
                             Mortgage Pass-Through Certificates
                                      Series 1996-C-1

                               Statement To Certificateholders

Distribution Date:        December 26, 1996


<S>                                                                                                    <C>
REIMBURSEMENTS OF PREVIOUSLY ALLOCATED REALIZED LOSSES AND ADDITIONAL TRUST FUND EXPENSES:
- ------------------------------------------------------------------------------------------
CURRENT REIMBURSEMENTS OF PREVIOUSLY ALLOCATED REALIZED LOSSES:
CLASS A-1                                                                                               0.00
CLASS A-2                                                                                               0.00
CLASS A-3                                                                                               0.00
CLASS A-PO                                                                                              0.00
CLASS B                                                                                                 0.00
CLASS C                                                                                                 0.00
CLASS D                                                                                                 0.00
CLASS E                                                                                                 0.00
CLASS F                                                                                                 0.00
CLASS G                                                                                                 0.00


CURRENT REIMBURSEMENTS OF PREVIOUSLY ALLOCATED ADDITIONAL TRUST FUND EXPENSES:
CLASS A-1                                                                                               0.00
CLASS A-2                                                                                               0.00
CLASS A-3                                                                                               0.00
CLASS A-PO                                                                                              0.00
CLASS B                                                                                                 0.00
CLASS C                                                                                                 0.00
CLASS D                                                                                                 0.00
CLASS E                                                                                                 0.00
CLASS F                                                                                                 0.00
CLASS G                                                                                                 0.00

                            Page 8 of 8                       COPYRIGHT 1996 Bankers Trust Company


</TABLE>

<PAGE>

[LOGO] Bankers Trust Company
       Corporate Trust and Agency Group
       Mortgage Services
- --------------------------------------------------------------------------------


                    MERRILL LYNCH MORTGAGE INVESTORS, INC.
                                SERIES 1996-C1
                       MONTHLY MASTER SERVICER/TRUSTEE REPORTS

                                   September 1996
      



               Merrill Lynch Mortgage Investors, Inc., Depositor
               Fleet Real Estate Capital, Inc., Master Servicer
                    Bankers Trust Company, Trustee


   This report is the property of Bankers Trust Company and is provided only
    under written agreement. Except as set forth in such agreement,
 Bankers Trust Company assumes no responsibility for the accuracy or
 completeness of the information provided in this report. All rights reserved.

<PAGE>


                       GE Capital Management Corp, Master Servicer
                                Bankers Trust Company, Trustee
                      Merrill Lynch Mortgage Investors, Inc., Depositor
                               Series 1996-C1 Collection Report
<TABLE>

<CAPTION>

                                               Master         Net       Paid           Ending     Scheduled     Principal
    Loan   Control    Monthly    Mortgage   Service Fee    Mortgage      to            Stated     Principal  Curtailments
   Number       #     Payment      Rate         Rate        Rate        Date         Principal     Received      Received
- ---------  -------  ---------    --------    ----------    --------   --------     -----------    ---------   -----------
<S>          <C>   <C>           <C>         <C>          <C>         <C>       <C>             <C>          <C>
888868929     101    80850.28     8.09000       0.19500     7.89500    12011996    10843103.20      7697.80         0.00
888868930     120    33883.11     8.09000       0.19500     7.89500    12011996     4544178.33      3226.03         0.00
888868931     124    32209.19     8.42000       0.43000     7.99000    12011996     4184755.25      2826.33         0.00
888868968     114    43650.01     7.91000       0.19500     7.71500    12011996     5957762.11      4349.76         0.00
950101001      42    27989.66     7.83000       0.12500     7.70500    12011996     3634789.91      4244.96         0.00
950102002      7     73144.55     7.76000       0.12500     7.63500    12011996    10118364.38      7662.91         0.00
950103001      29    36653.38     7.99000       0.12500     7.86500    12011996     4965357.48      3568.62         0.00
950103002      91    19678.56     8.47000       0.12500     8.34500    12011996     2427912.90      2523.73         0.00
950204005      41    32234.16     8.70000       0.12500     8.57500    11011996     3902736.74         0.00         0.00
950204006      8     74915.86     8.22000       0.12500     8.09500    12011996     9940649.53      6776.00         0.00
950205002      21    41111.90     7.64000       0.12500     7.51500    12011996     5756927.99      4431.25         0.00
950304001      1    186806.67     8.05000       0.12500     7.92500    11011996    23867270.50         0.00         0.00
950304003      81    11132.21     8.12000       0.12500     7.99500    12011996     1488822.60      1050.74         0.00
950304004      2    130467.64     8.02000       0.12500     7.89500    12011996    16673816.37     18904.63         0.00
950305003      12    61937.89     8.44000       0.12500     8.31500    12011996     8038024.27      5366.05         0.00
950307001      55    18024.77     7.90000       0.12500     7.77500    12011996     2464418.94      1788.91         0.00
950307002      48    22230.21     7.76000       0.12500     7.63500    12011996     3079777.86      2299.45         0.00
950307003      76    12920.31     7.77000       0.12500     7.64500    12011996     1788156.20      1333.37         0.00
950307004      47    23096.68     7.51000       0.12500     7.38500    12011996     3274858.21      2585.35         0.00
950307005      46    24311.04     7.73000       0.12500     7.60500    12011996     3372626.53      2569.16         0.00
950307006      20    40624.01     7.43000       0.12500     7.30500    12011996     5804725.18      4654.27         0.00
950307007      52    18173.72     7.38000       0.12500     7.25500    12011996     2609445.30      2112.64         0.00
950307008      16    54137.42     8.20000       0.12500     8.07500    12011996     7196715.76      4926.20         0.00
950307009      9     68864.71     7.53000       0.12500     7.40500    12011996     9745477.68      7663.75         0.00
950307010      32    34543.35     7.48000       0.12500     7.35500    12011996     4912064.49      3900.51         0.00
950307011      78    14697.61     8.94000       0.12500     8.81500    12011996     1741893.80      1707.78         0.00
950307012      56    19794.15     8.54000       0.12500     8.41500    12011996     2423115.41      2531.63         0.00
950307013      87     8967.96     8.54000       0.12500     8.41500    12011996     1097819.62      1146.99         0.00
950307014      19    55004.53     8.21000       0.12500     8.08500    12011996     6930923.17      7533.92         0.00
950506001      28    38326.21     7.92000       0.12500     7.79500    12011996     4939439.44      5688.37         0.00
950903001      59    16761.35     8.16000       0.12500     8.03500    12011996     2238027.11      1532.35         0.00
951201003      90     6293.97     9.00000       0.12500     8.87500    12011996      743079.91       715.51         0.00
951302001      69    20384.35     8.46000       0.12500     8.33500    12011996     2517344.61      2618.61         0.00
952007001      14    54604.97     7.78000       0.12500     7.65500    12011996     7550751.82      5614.53         0.00
952007002      33    33952.76     7.64000       0.12500     7.51500    12011996     4758027.20      3636.84         0.00
952007003      27    35795.71     7.64000       0.12500     7.51500    12011996     5016355.82      3833.84         0.00
952007004      71    13261.29     7.59000       0.12500     7.46500    12011996     1865900.40      1450.30         0.00
952007005      40    30061.50     8.36000       0.12500     8.23500    12011996     3940356.95      2592.29         0.00
958007001      85     9896.57     8.56000       0.12500     8.43500    12011996     1271268.01       822.33         0.00
958007002      67    14500.35     8.21000       0.12500     8.08500    12011996     1888299.73      1570.49         0.00
958010001      43    30655.67     9.01000       0.12500     8.88500    12011996     3612874.27      3502.71         0.00
958504001      73    17357.65     9.44000       0.12500     9.31500    12011996     1845413.81      2818.23         0.00
958505002      37    36996.46     8.75000       0.12500     8.62500    12011996     4452261.21      4499.25         0.00
958505006      58    16781.15     8.22000       0.12500     8.09500    12011996     2226487.03      1519.31         0.00
958536001      83    13923.25     9.44000       0.12500     9.31500    12011996     1480278.26      2260.62         0.00
958543007      18    51216.02     7.91000       0.12500     7.78500    12011996     6995416.58      5071.14         0.00
958543008      62    15714.01     7.91000       0.12500     7.78500    12011996     2146466.10      1554.97         0.00
958543009      64    20884.87     9.44000       0.12500     9.31500    12011996     2220417.72      3390.91         0.00
958543011      45    26220.55     8.22000       0.12500     8.09500    12011996     3479227.63      2371.60         0.00
958910004      88     8621.35     8.41000       0.12500     8.28500    12011996      985068.94      1705.71         0.00
958910007      68    14513.79     7.88000       0.12500     7.75500    12011996     1879016.10      2160.73         0.00
958910008      39    33225.93     8.20000       0.12500     8.07500    12011996     4192361.41      4547.06         0.00
958910009      22    45924.06     8.30000       0.12500     8.17500    12011996     5746549.75      6134.66         0.00
960307016      4    108604.28     7.86000       0.12500     7.73500    12011996    14915241.67     10838.46         0.00
960307017      17    53665.31     8.24000       0.12500     8.11500    12011996     7112560.26      4792.82         0.00

</TABLE>

<PAGE>

                       GE Capital Management Corp, Master Servicer
                                Bankers Trust Company, Trustee
                      Merrill Lynch Mortgage Investors, Inc., Depositor
                               Series 1996-C1 Collection Report
<TABLE>

<CAPTION>

            Principal  Actual(Gross)                         Service   Prepayment   Interest       Total               Specially
   Loan    Prepayments    Interest  Principal   Interest       Fees     Interest       on    Unreimbursed  Prepayment   Serviced
   Number    Received     Received   Advanced   Advanced       Paid  Exc/Shortfall  Advances     Advances    Premiums     Fees
- ---------  ----------  -----------  ---------  ---------    -------- -------------  --------  -----------  ----------   --------
<S>        <C>        <C>          <C>        <C>        <C>         <C>          <C>       <C>           <C>        <C>
888868929       0.00      73152.48       0.00       0.00     1763.26       0.00       0.00          0.00        0.00       0.00
888868930       0.00      30657.08       0.00       0.00      738.95       0.00       0.00          0.00        0.00       0.00
888868931       0.00      29382.86       0.00       0.00     1500.55       0.00       0.00          0.00        0.00       0.00
888868968       0.00      39300.25       0.00       0.00      968.84       0.00       0.00          0.00        0.00       0.00
950101001       0.00      23744.70       0.00       0.00      379.07       0.00       0.00          0.00        0.00       0.00
950102002       0.00      65481.64       0.00       0.00     1054.79       0.00       0.00          0.00        0.00       0.00
950103001       0.00      33084.76       0.00       0.00      517.60       0.01       0.00          0.00        0.00       0.00
950103002       0.00      17154.83       0.00       0.00      253.17       0.00       0.00          0.00        0.00       0.00
950204005       0.00          0.00    3910.96   27916.26        0.00       0.00       0.00      31827.22        0.00       0.00
950204006       0.00      68139.86       0.00       0.00     1036.19       0.00       0.00          0.00        0.00       0.00
950205002       0.00      36680.65       0.00       0.00      600.14       0.00       0.00          0.00        0.00       0.00
950304001       0.00          0.00   26519.16  157798.57        0.00       0.00       0.00     184317.73        0.00       0.00
950304003       0.00      10081.47       0.00       0.00      155.20       0.01       0.00          0.00        0.00       0.00
950304004       0.00     111563.01       0.00       0.00     1738.82       0.01       0.00          0.00        0.00       0.00
950305003       0.00      56571.84       0.00       0.00      837.85       0.01       0.00          0.00        0.00       0.00
950307001       0.00      16235.86       0.00       0.00      256.90       0.01       0.00          0.00        0.00       0.00
950307002       0.00      19930.76       0.00       0.00      321.05       0.01       0.00          0.00        0.00       0.00
950307003       0.00      11586.94       0.00       0.00      186.41       0.00       0.00          0.00        0.00       0.00
950307004       0.00      20511.33       0.00       0.00      341.40       0.00       0.00          0.00        0.00       0.00
950307005       0.00      21741.88       0.00       0.00      351.58       0.01       0.00          0.00        0.00       0.00
950307006       0.00      35969.74       0.00       0.00      605.14       0.00       0.00          0.00        0.00       0.00
950307007       0.00      16061.08       0.00       0.00      272.04       0.00       0.00          0.00        0.00       0.00
950307008       0.00      49211.22       0.00       0.00      750.17       0.00       0.00          0.00        0.00       0.00
950307009       0.00      61200.96       0.00       0.00     1015.95       0.00       0.00          0.00        0.00       0.00
950307010       0.00      30642.84       0.00       0.00      512.08       0.01       0.00          0.00        0.00       0.00
950307011       0.00      12989.83       0.00       0.00      181.63       0.00       0.00          0.00        0.00       0.00
950307012       0.00      17262.52       0.00       0.00      252.67       0.00       0.00          0.00        0.00       0.00
950307013       0.00       7820.97       0.00       0.00      114.48       0.01       0.00          0.00        0.00       0.00
950307014       0.00      47470.61       0.00       0.00      722.76       0.00       0.00          0.00        0.00       0.00
950506001       0.00      32637.84       0.00       0.00      515.12       0.00       0.00          0.00        0.00       0.00
950903001       0.00      15229.00       0.00       0.00      233.29       0.00       0.00          0.00        0.00       0.00
951201003       0.00       5578.46       0.00       0.00       77.48       0.01       0.00          0.00        0.00       0.00
951302001       0.00      17765.74       0.00       0.00      262.50       0.00       0.00          0.00        0.00       0.00
952007001       0.00      48990.44       0.00       0.00      787.12       0.00       0.00          0.00        0.00       0.00
952007002       0.00      30315.92       0.00       0.00      496.01       0.01       0.00          0.00        0.00       0.00
952007003       0.00      31961.87       0.00       0.00      522.94       0.00       0.00          0.00        0.00       0.00
952007004       0.00      11810.99       0.00       0.00      194.52       0.00       0.00          0.00        0.00       0.00
952007005       0.00      27469.21       0.00       0.00      410.72       0.00       0.00          0.00        0.00       0.00
958007001       0.00       9074.24       0.00       0.00      132.51       0.00       0.00          0.00        0.00       0.00
958007002       0.00      12929.86       0.00       0.00      196.86       0.00       0.00          0.00        0.00       0.00
958010001       0.00      27152.96       0.00       0.00      376.71       0.00       0.00          0.00        0.00       0.00
958504001       0.00      14539.42       0.00       0.00      192.52       0.01       0.00          0.00        0.00       0.00
958505002       0.00      32497.21       0.00       0.00      464.25       0.00       0.00          0.00        0.00       0.00
958505006       0.00      15261.84       0.00       0.00      232.08       0.00       0.00          0.00        0.00       0.00
958536001       0.00      11662.63       0.00       0.00      154.43       0.01       0.00          0.00        0.00       0.00
958543007       0.00      46144.88       0.00       0.00      729.22       0.00       0.00          0.00        0.00       0.00
958543008       0.00      14159.04       0.00       0.00      223.75       0.00       0.00          0.00        0.00       0.00
958543009       0.00      17493.96       0.00       0.00      231.65       0.00       0.00          0.00        0.00       0.00
958543011       0.00      23848.95       0.00       0.00      362.67       0.00       0.00          0.00        0.00       0.00
958910004       0.00       6915.64       0.00       0.00      102.79       0.01       0.00          0.00        0.00       0.00
958910007       0.00      12353.06       0.00       0.00      195.96       0.00       0.00          0.00        0.00       0.00
958910008       0.00      28678.87       0.00       0.00      437.18       0.00       0.00          0.00        0.00       0.00
958910009       0.00      39789.40       0.00       0.00      599.24       0.00       0.00          0.00        0.00       0.00
960307016       0.00      97765.82       0.00       0.00     1554.80       0.00       0.00          0.00        0.00       0.00
960307017       0.00      48872.49       0.00       0.00      741.39       0.00       0.00          0.00        0.00       0.00

</TABLE>
                                      Page 1 of 3
<PAGE>   

                       GE Capital Management Corp, Master Servicer
                                Bankers Trust Company, Trustee
                      Merrill Lynch Mortgage Investors, Inc., Depositor
                               Series 1996-C1 Collection Report
<TABLE>

<CAPTION>

                                               Master         Net       Paid           Ending     Scheduled     Principal
    Loan   Control    Monthly    Mortgage   Service Fee    Mortgage      to            Stated     Principal  Curtailments
   Number       #     Payment      Rate         Rate        Rate        Date         Principal     Received      Received
- ---------  -------  ---------    --------    ----------    --------   --------     -----------    ---------   -----------
<S>          <C>   <C>           <C>         <C>          <C>         <C>       <C>             <C>          <C>
885051011     172    12576.09     8.87500       0.19500     8.68000    12011996     1501217.30      1462.52         0.00
885051001     158    17661.28     8.25000       0.11000     8.14000    11011996     2219079.75         0.00         0.00
885051003     181    10870.57     8.50000       0.11000     8.39000    11011996     1339272.30         0.00         0.00
885051006     185    10805.43     8.00000       0.11000     7.89000    12011996     1386392.27      1552.47         0.00
885051007     138    25282.59     8.23000       0.11000     8.12000    12011996     3275484.30      2799.03         0.00
885051013     207    52352.64     8.88000       0.11000     8.77000    12011996     6246852.40      6080.93         0.00
885051014     126    34278.50     8.88000       0.11000     8.77000    12011996     4090201.03      3981.56         0.00
885051015     110     9764.18     8.88000       0.11000     8.77000    12011996     1165087.58      1134.14         0.00
885051016     130    32212.73     8.87500       0.11000     8.76500    11011996     3849004.22         0.00         0.00
885051025     215    11933.47     8.50000       0.11000     8.39000    11011996     1470223.37         0.00         0.00
888830006     199     6840.72     8.78000       0.11000     8.67000    12011996      823697.27       808.09         0.00
888830081     143    23462.56     8.10000       0.11000     7.99000    12011996     2975162.44      3357.55         0.00
888868829     170    11991.33     8.12500       0.11000     8.01500    12011996     1605230.48      1115.03         0.00
888868859     184     9919.14     8.50000       0.11000     8.39000    11011996     1255057.35         0.00         0.00
888868860     171    13018.69     8.62500       0.11000     8.51500    11011996     1584312.37         0.00         0.00
888868865     142    22408.57     8.12500       0.11000     8.01500    12011996     2999743.35      2083.70         0.00
888868866     167    13316.47     8.37500       0.11000     8.26500    12011996     1738418.90      1175.55         0.00
888868885     127    29994.98     7.95900       0.11000     7.84900    12011996     3853053.18      4410.35         0.00
888868887     150    19608.74     8.08500       0.11000     7.97500    12011996     2566366.60      2302.33         0.00
888868888     155    18924.93     8.03900       0.11000     7.92900    12011996     2486978.05      2249.18         0.00
888868889     162    14116.14     7.89000       0.11000     7.78000    12011996     1879796.06      1745.01         0.00
888868891     174    11901.16     8.62500       0.11000     8.51500    12011996     1486016.89      1211.70         0.00
888868892     128    28923.76     8.25000       0.11000     8.14000    11011996     3822047.18         0.00         0.00
888868893     141    23240.16     8.12500       0.11000     8.01500    11011996     3108890.26         0.00         0.00
888868897     111    52483.50     8.00000       0.11000     7.89000    12011996     6710980.96      7692.34         0.00
888868898     147    21874.07     8.25000       0.11000     8.14000    11011996     2821577.38         0.00         0.00
888868899     118    37224.29     8.25000       0.11000     8.14000    11011996     4805816.05         0.00         0.00
888868900     112    50655.74     8.25000       0.11000     8.14000    11011996     6539873.32         0.00         0.00
888868901     104    77134.87     8.25000       0.11000     8.14000    11011996     9958443.55         0.00         0.00
888868902     153    19353.22     8.12500       0.11000     8.01500    12011996     2523994.58      2248.45         0.00
888868913     157    17729.27     8.37500       0.11000     8.26500    12011996     2197554.90      2375.59         0.00
888868914     148    22375.87     8.62500       0.11000     8.51500    12011996     2717408.67      2824.20         0.00
888868915     195     6509.35     8.62500       0.11000     8.51500    12011996      791340.40       815.73         0.00
888868916     180    11071.87     8.50000       0.11000     8.39000    12011996     1358374.77      1439.85         0.00
888868917     182    10407.45     8.25000       0.11000     8.14000    12011996     1343646.72      1161.89         0.00
888868919     191     7865.02     8.28000       0.11000     8.17000    12011996     1012739.48       871.11         0.00
888868920     179    10604.69     8.28000       0.11000     8.17000    12011996     1365513.75      1174.54         0.00
888868921     134    28685.55     8.37500       0.11000     8.26500    12011996     3555594.56      3843.64         0.00
888868922     140    24768.65     8.12500       0.11000     8.01500    12011996     3137772.92      3499.62         0.00
888868923     113    49682.07     8.15000       0.11000     8.04000    12011996     6280782.49      6977.70         0.00
888868925     161    14601.63     7.95000       0.11000     7.84000    12011996     1877095.89      2151.62         0.00
888868927     173    11527.60     7.95000       0.11000     7.84000    12011996     1481917.84      1698.64         0.00
888868928     131    29254.32     8.12500       0.11000     8.01500    12011996     3706030.90      4133.42         0.00
888868934     109    58439.15     8.12500       0.11000     8.01500    11011996     7628263.12         0.00         0.00
888868936     168    13630.38     8.31000       0.11000     8.20000    12011996     1700418.15      1842.23         0.00
888868938     152    20105.48     8.25000       0.11000     8.14000    12011996     2520689.73      2756.79         0.00
888868939     160    17803.23     9.12500       0.11000     9.01500    12011996     2082978.48      1949.09         0.00
888868940     115    39128.33     8.03000       0.11000     7.92000    12011996     5150725.04      4630.41         0.00
888868941     108    58533.19     8.00000       0.11000     7.89000    12011996     7732672.88      6935.80         0.00
888868942     145    22723.13     8.25000       0.11000     8.14000    11011996     2848873.70         0.00         0.00
888868943     154    19410.36     8.25000       0.11000     8.14000    11011996     2508127.51         0.00         0.00
888868945     107    65771.49     8.75000       0.11000     8.64000    11011996     7923129.71         0.00         0.00
888868946     187     9939.27     8.25000       0.11000     8.14000    12011996     1284312.04      1102.05         0.00
888868947     186     9962.30     8.25000       0.11000     8.14000    12011996     1287287.22      1104.61         0.00
888868949     119    38239.83     8.25000       0.11000     8.14000    12011996     4794253.07      5243.29         0.00

</TABLE>

<PAGE>                

                       GE Capital Management Corp, Master Servicer
                                Bankers Trust Company, Trustee
                      Merrill Lynch Mortgage Investors, Inc., Depositor
                               Series 1996-C1 Collection Report
<TABLE>

<CAPTION>

            Principal  Actual(Gross)                         Service   Prepayment   Interest       Total               Specially
   Loan    Prepayments    Interest  Principal   Interest       Fees     Interest       on    Unreimbursed  Prepayment   Serviced
   Number    Received     Received   Advanced   Advanced       Paid  Exc/Shortfall  Advances     Advances    Premiums     Fees
- ---------  ----------  -----------  ---------  ---------    -------- -------------  --------  -----------  ----------   --------
<S>        <C>        <C>          <C>        <C>        <C>         <C>          <C>       <C>           <C>        <C>
885051011       0.00      11113.57       0.00       0.00      244.19       0.00       0.00           0.00        0.00       0.00
885051001       0.00          0.00    2388.68   15068.97        0.00       0.00       0.00       17457.65        0.00       0.00
885051003       0.00          0.00    1374.32    9373.36        0.00       0.00       0.00       10747.68        0.00       0.00
885051006       0.00       9252.96       0.00       0.00      127.23       0.00       0.00           0.00        0.00       0.00
885051007       0.00      22483.56       0.00       0.00      300.51       0.00       0.00           0.00        0.00       0.00
885051013       0.00      46271.71       0.00       0.00      573.19       0.00       0.00           0.00        0.00       0.00
885051014       0.00      30296.95       0.00       0.00      375.30       0.00       0.00           0.00        0.00       0.00
885051015       0.00       8630.04       0.00       0.00      106.90       0.00       0.00           0.00        0.00       0.00
885051016       0.00          0.00    3718.63   28140.93        0.00       0.00      72.00       31859.56        0.00       0.00
885051025       0.00          0.00    1508.70   10289.86        0.00       0.00       0.00       11798.56        0.00       0.00
888830006       0.00       6032.63       0.00       0.00       75.58       0.00       0.00           0.00        0.00       0.00
888830081       0.00      20105.01       0.00       0.00      273.03       0.00       0.00           0.00        0.00       0.00
888868829       0.00      10876.30       0.00       0.00      147.25       0.00       0.00           0.00        0.00       0.00
888868859       0.00          0.00    1021.91    8782.09        0.00       0.00       0.00        9804.00        0.00       0.00
888868860       0.00          0.00    1619.80   11253.51        0.00       0.00       0.00       12873.31        0.00       0.00
888868865       0.00      20324.87       0.00       0.00      275.17       0.00       0.00           0.00        0.00       0.00
888868866       0.00      12140.92       0.00       0.00      159.46       0.00       0.00           0.00        0.00       0.00
888868885       0.00      25584.63       0.00       0.00      353.60       0.00       0.00           0.00        0.00       0.00
888868887       0.00      17306.41       0.00       0.00      235.46       0.00       0.00           0.00        0.00       0.00
888868888       0.00      16675.75       0.00       0.00      228.18       0.00       0.00           0.00        0.00       0.00
888868889       0.00      12371.13       0.00       0.00      172.47       0.00       0.00           0.00        0.00       0.00
888868891       0.00      10689.46       0.00       0.00      136.33       0.00       0.00           0.00        0.00       0.00
888868892       0.00          0.00    2629.11   25944.05        0.00       0.00       0.00       28573.16        0.00       0.00
888868893       0.00          0.00    2175.65   20779.33        0.00       0.00       0.00       22954.98        0.00       0.00
888868897       0.00      44791.16       0.00       0.00      615.88       0.00       0.00           0.00        0.00       0.00
888868898       0.00          0.00    2458.82   19156.38        0.00       0.00       0.00       21615.20        0.00       0.00
888868899       0.00          0.00    4155.73   32627.65        0.00       0.00       0.00       36783.38        0.00       0.00
888868900       0.00          0.00    5655.23   44400.50        0.00       0.00       0.00       50055.73        0.00       0.00
888868901       0.00          0.00    8611.37   67609.85        0.00       0.00       0.00       76221.22        0.00       0.00
888868902       0.00      17104.77       0.00       0.00      231.57       0.00       0.00           0.00        0.00       0.00
888868913       0.00      15353.68       0.00       0.00      201.66       0.00       0.00           0.00        0.00       0.00
888868914       0.00      19551.67       0.00       0.00      249.35       0.00       0.00           0.00        0.00       0.00
888868915       0.00       5693.62       0.00       0.00       72.61       0.00       0.00           0.00        0.00       0.00
888868916       0.00       9632.02       0.00       0.00      124.65       0.00       0.00           0.00        0.00       0.00
888868917       0.00       9245.56       0.00       0.00      123.27       0.00       0.00           0.00        0.00       0.00
888868919       0.00       6993.91       0.00       0.00       92.91       0.00       0.00           0.00        0.00       0.00
888868920       0.00       9430.15       0.00       0.00      125.28       0.00       0.00           0.00        0.00       0.00
888868921       0.00      24841.91       0.00       0.00      326.28       0.00       0.00           0.00        0.00       0.00
888868922       0.00      21269.03       0.00       0.00      287.95       0.00       0.00           0.00        0.00       0.00
888868923       0.00      42704.37       0.00       0.00      576.38       0.00       0.00           0.00        0.00       0.00
888868925       0.00      12450.01       0.00       0.00      172.26       0.00       0.00           0.00        0.00       0.00
888868927       0.00       9828.96       0.00       0.00      136.00       0.00       0.00           0.00        0.00       0.00
888868928       0.00      25120.90       0.00       0.00      340.10       0.00       0.00           0.00        0.00       0.00
888868934       0.00          0.00    6743.79   50995.48        0.00       0.00       0.00       57739.27        0.00       0.00
888868936       0.00      11788.15       0.00       0.00      156.04       0.00       0.00           0.00        0.00       0.00
888868938       0.00      17348.69       0.00       0.00      231.32       0.00       0.00           0.00        0.00       0.00
888868939       0.00      15854.14       0.00       0.00      191.12       0.00       0.00           0.00        0.00       0.00
888868940       0.00      34497.92       0.00       0.00      472.57       0.00       0.00           0.00        0.00       0.00
888868941       0.00      51597.39       0.00       0.00      709.46       0.00       0.00           0.00        0.00       0.00
888868942       0.00          0.00    3115.70   19346.00        0.00       0.00       0.00       22461.70        0.00       0.00
888868943       0.00          0.00    2152.19   17028.06        0.00       0.00       0.00       19180.25        0.00       0.00
888868945       0.00          0.00    7940.77   57103.71        0.00       0.00       0.00       65044.48        0.00       0.00
888868946       0.00       8837.22       0.00       0.00      117.83       0.00       0.00           0.00        0.00       0.00
888868947       0.00       8857.69       0.00       0.00      118.10       0.00       0.00           0.00        0.00       0.00
888868949       0.00      32996.54       0.00       0.00      439.95       0.00       0.00           0.00        0.00       0.00

</TABLE>
                                      Page 2 of 3

<PAGE>   

                       GE Capital Management Corp, Master Servicer
                                Bankers Trust Company, Trustee
                      Merrill Lynch Mortgage Investors, Inc., Depositor
                               Series 1996-C1 Collection Report
<TABLE>

<CAPTION

                                               Master         Net       Paid           Ending     Scheduled     Principal
    Loan   Control    Monthly    Mortgage   Service Fee    Mortgage      to            Stated     Principal  Curtailments
   Number       #     Payment      Rate         Rate        Rate        Date         Principal     Received      Received
- ---------  -------  ---------    --------    ----------    --------   --------     -----------    ---------   -----------
<S>          <C>   <C>           <C>         <C>          <C>         <C>       <C>             <C>          <C>
888868951     144    23904.63     8.37500       0.11000     8.26500    12011996     2969379.28      3158.79         0.00
888868952     149    20722.80     8.25000       0.11000     8.14000    11011996     2677716.25         0.00         0.00
888868953     136    25514.47     8.00000       0.11000     7.89000    11011996     3370652.26         0.00         0.00
888868954     125    32326.46     8.25000       0.11000     8.14000    12011996     4052873.66      4432.48         0.00
888868958     156    18562.43     8.12500       0.11000     8.01500    12011996     2483139.16      1737.74         0.00
888868959     137    25943.57     8.50000       0.11000     8.39000    12011996     3282610.47      2672.81         0.00
888868961     135    29672.05     9.12500       0.11000     9.01500    12011996     3471630.79      3248.49         0.00
888868962     176    11080.67     8.12500       0.11000     8.01500    12011996     1448938.18      1261.61         0.00
888868963     188     8893.31     8.12500       0.11000     8.01500    12011996     1129138.09      1239.71         0.00
888868964     117    38177.70     7.87500       0.11000     7.76500    12011996     4950004.31      5656.18         0.00
888868966     122    31397.76     8.12500       0.11000     8.01500    12011996     4105655.69      3574.84         0.00
888868967     192     7786.83     8.12500       0.11000     8.01500    12011996     1018226.39       886.59         0.00
888868969     116    40498.10     9.12500       0.11000     9.01500    12011996     4738280.18      4433.71         0.00
888868970     210     7825.35     8.37500       0.11000     8.26500    12011996      894785.17      1569.54         0.00
888868971     129    30454.50     8.37500       0.11000     8.26500    12011996     3787013.48      3996.41         0.00
888868973     211     7741.29     8.12500       0.11000     8.01500    12011996     1012277.85       881.36         0.00
888868974     212     9820.81     8.12500       0.11000     8.01500    12011996     1284203.49      1118.11         0.00
888868976     166    14091.47     8.50000       0.11000     8.39000    12011996     1734299.66      1794.14         0.00
958032002      74    14810.82     8.76000       0.12500     8.63500    12011996     1780935.23      1796.88         0.00
958406001      13    58200.02     7.91000       0.12500     7.78500    12011996     7943682.75      5799.68         0.00
958412001      15    56144.82     8.54000       0.12500     8.41500    12011996     7234521.69      4626.22         0.00
958447002      60    16020.30     7.92000       0.12500     7.79500    12011996     2184543.47      1591.81         0.00
958509002      79    13552.82     8.17000       0.12500     8.04500    12011996     1569729.14      2846.20         0.00
958509003      72    15497.18     8.02000       0.12500     7.89500    12011996     1814361.80      3348.81         0.00
958528001      25    44381.74     8.58000       0.12500     8.45500    12011996     5415305.96      5622.10         0.00
958528002      38    34884.38     8.52000       0.12500     8.39500    12011996     4290742.70      4388.95         0.00
958528003      26    46636.56     9.12000       0.12500     8.99500    12011996     5463768.56      5073.36         0.00
958530003      30    42440.20     9.14000       0.12500     9.01500    12011996     4964201.59      4594.54         0.00
958531002      57    17336.07     7.98000       0.12500     7.85500    12011996     2223005.03      2536.22         0.00
958535001      49    32309.93     9.49000       0.12500     9.36500    12011996     2802164.33     10069.84         0.00
958538004      23    42997.86     8.15000       0.12500     8.02500    12011996     5435767.69      6038.92         0.00
958543005      53    18675.46     7.98000       0.12500     7.85500    12011996     2530461.38      1835.68         0.00
958543010      11    64304.54     8.35000       0.12500     8.22500    12011996     8436570.32      5561.37         0.00
958910005      61    16234.94     8.06000       0.12500     7.93500    12011996     2184968.50      1548.83         0.00
958910006      75    14955.26     7.91000       0.12500     7.78500    12011996     1768164.46      3278.50         0.00
960307017      80    12625.90     8.26000       0.12500     8.13500    12011996     1585080.83      1703.53         0.00
968503001      63    16589.77     8.29000       0.12500     8.16500    12011996     2188595.60      1460.13         0.00
968510001      65    15608.96     8.13000       0.12500     8.00500    12011996     1980959.16      2173.24         0.00
968510002      35    45398.56     9.56000       0.12500     9.43500    12011996     4787182.65      7203.29         0.00
968517001      6     86964.53     8.50000       0.12500     8.37500    12011996    10714178.64     10994.55         0.00
968530001      10    68558.90     8.52000       0.12500     8.39500    12011996     8432673.50      8625.68         0.00
888868944     105    74891.05     8.12500       0.11000     8.01500    12011996     9487439.23     10581.53         0.00
888868972     102    78879.69     8.00000       0.12500     7.87500    12011996    10675666.94      7657.53         0.00
888868965     121    33897.02     7.92000       0.14500     7.77500    12011996     4510160.85      4102.88         0.00
888868896     103    78879.69     8.00000       0.12500     7.87500    12011996    10675666.94      7657.53         0.00
885051024     214    31801.52     8.30000       0.14500     8.15500    12011996     4094739.99      3455.67         0.00
885051023     213    34307.09     8.30000       0.14500     8.15500    12011996     4417355.92      3727.93         0.00
885051021     216    43553.17     8.50000       0.14500     8.35500    12011996     5510734.53      4487.02         0.00
885051020     217    30749.56     8.25000       0.14500     8.10500    12011996     3867735.13      4130.48         0.00

  159              4999601.43                                                     642562645.00    502749.54         0.00

</TABLE>

<PAGE>

                       GE Capital Management Corp, Master Servicer
                                Bankers Trust Company, Trustee
                      Merrill Lynch Mortgage Investors, Inc., Depositor
                               Series 1996-C1 Collection Report
<TABLE>

<CAPTION>

            Principal  Actual(Gross)                         Service   Prepayment   Interest       Total               Specially
   Loan    Prepayments    Interest  Principal   Interest       Fees     Interest       on    Unreimbursed  Prepayment   Serviced
   Number    Received     Received   Advanced   Advanced       Paid  Exc/Shortfall  Advances     Advances    Premiums     Fees
- ---------  ----------  -----------  ---------  ---------    -------- -------------  --------  -----------  ----------   --------
<S>        <C>        <C>          <C>        <C>        <C>         <C>          <C>       <C>           <C>        <C>
888868951       0.00      20745.84       0.00       0.00      272.48       0.00       0.00          0.00        0.00       0.00
888868952       0.00          0.00    2297.70   18179.43        0.00       0.00       0.00      20477.13        0.00       0.00
888868953       0.00          0.00    3023.30   22181.92        0.00       0.00       0.00      25205.22        0.00       0.00
888868954       0.00      27893.98       0.00       0.00      371.92       0.00       0.00          0.00        0.00       0.00
888868958       0.00      16824.69       0.00       0.00      227.78       0.00       0.00          0.00        0.00       0.00
888868959       0.00      23270.76       0.00       0.00      301.15       0.00       0.00          0.00        0.00       0.00
888868961       0.00      26423.56       0.00       0.00      318.53       0.00       0.00          0.00        0.00       0.00
888868962       0.00       9819.06       0.00       0.00      132.93       0.00       0.00          0.00        0.00       0.00
888868963       0.00       7653.60       0.00       0.00      103.62       0.00       0.00          0.00        0.00       0.00
888868964       0.00      32521.52       0.00       0.00      454.27       0.00       0.00          0.00        0.00       0.00
888868966       0.00      27822.92       0.00       0.00      376.68       0.00       0.00          0.00        0.00       0.00
888868967       0.00       6900.24       0.00       0.00       93.42       0.00       0.00          0.00        0.00       0.00
888868969       0.00      36064.39       0.00       0.00      434.75       0.00       0.00          0.00        0.00       0.00
888868970       0.00       6255.81       0.00       0.00       82.17       0.00       0.00          0.00        0.00       0.00
888868971       0.00      26458.09       0.00       0.00      347.51       0.00       0.00          0.00        0.00       0.00
888868973       0.00       6859.93       0.00       0.00       92.87       0.00       0.00          0.00        0.00       0.00
888868974       0.00       8702.70       0.00       0.00      117.82       0.00       0.00          0.00        0.00       0.00
888868976       0.00      12297.33       0.00       0.00      159.14       0.00       0.00          0.00        0.00       0.00
958032002       0.00      13013.94       0.00       0.00      185.70       0.00       0.00          0.00        0.00       0.00
958406001       0.00      52400.34       0.00       0.00      828.07       0.00       0.00          0.00        0.00       0.00
958412001       0.00      51518.60       0.00       0.00      754.08       0.00       0.00          0.00        0.00       0.00
958447002       0.00      14428.49       0.00       0.00      227.72       0.00       0.00          0.00        0.00       0.00
958509002       0.00      10706.62       0.00       0.00      163.81       0.00       0.00          0.00        0.00       0.00
958509003       0.00      12148.37       0.00       0.00      189.34       0.00       0.00          0.00        0.00       0.00
958528001       0.00      38759.64       0.00       0.00      564.68       0.00       0.00          0.00        0.00       0.00
958528002       0.00      30495.43       0.00       0.00      447.41       0.00       0.00          0.00        0.00       0.00
958528003       0.00      41563.20       0.00       0.00      569.67       0.00       0.00          0.00        0.00       0.00
958530003       0.00      37845.66       0.00       0.00      517.58       0.00       0.00          0.00        0.00       0.00
958531002       0.00      14799.85       0.00       0.00      231.83       0.00       0.00          0.00        0.00       0.00
958535001       0.00      22240.09       0.00       0.00      292.94       0.00       0.00          0.00        0.00       0.00
958538004       0.00      36958.94       0.00       0.00      566.85       0.00       0.00          0.00        0.00       0.00
958543005       0.00      16839.78       0.00       0.00      263.78       0.00       0.00          0.00        0.00       0.00
958543010       0.00      58743.17       0.00       0.00      879.39       0.00       0.00          0.00        0.00       0.00
958910005       0.00      14686.11       0.00       0.00      227.76       0.00       0.00          0.00        0.00       0.00
958910006       0.00      59933.22       0.00       0.00      879.30       0.00       0.00          0.00        0.00       0.00
960307017       0.00      11676.76       0.00       0.00      184.53       0.00       0.00          0.00        0.00       0.00
968503001       0.00      10922.37       0.00       0.00      165.29       0.00       0.00          0.00        0.00       0.00
968510001       0.00      15129.64       0.00       0.00      228.13       0.00       0.00          0.00        0.00       0.00
968510002       0.00      13435.72       0.00       0.00      206.58       0.00       0.00          0.00        0.00       0.00
968517001       0.00      38195.27       0.00       0.00      499.42       0.00       0.00          0.00        0.00       0.00
968530001       0.00      75969.98       0.00       0.00     1117.21       0.00       0.00          0.00        0.00       0.00
888868944       0.00      64309.52       0.00       0.00      870.65       0.00       0.00          0.00        0.00       0.00
888868972       0.00      71222.16       0.00       0.00     1112.85       0.00       0.00          0.00        0.00       0.00
888868965       0.00      29794.14       0.00       0.00      545.47       0.00       0.00          0.00        0.00       0.00
888868896       0.00      71222.16       0.00       0.00     1112.85       0.00       0.00          0.00        0.00       0.00
885051024       0.00      28345.85       0.00       0.00      495.20       0.00       0.00          0.00        0.00       0.00
885051023       0.00      30579.16       0.00       0.00      534.21       0.00       0.00          0.00        0.00       0.00
885051021       0.00      39066.15       0.00       0.00      666.42       0.00     242.25          0.00        0.00       0.00
885051020       0.00      26619.08       0.00       0.00      467.85       0.00     171.00          0.00        0.00       0.00

      159       0.00    3730560.90   93021.52  663975.91    57636.40       0.14     485.25     756997.43        0.00       0.00


</TABLE>
                                      Page 3 of 3

<PAGE>

<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                                            PART A
<CAPTION>
                                                                       Balance Terms as of Cut-Off Date       Current Terms
                                                                       --------------------------------    ------------------

  Loan ID         Property Name                    City        State     Balance      Rate  Term  Amort      Balance       Rate
- --------- --------------------------------   ----------------- -----  -----------   ------- ---- ------ --------------   -------
<S>       <C>                               <C>                <C>  <C>           <C>       <C>  <C>  <C>               <C>
950304001  Mountaingate Plaza                  Simi Valley       CA    24,100,000   8.05000  10    25    23,867,270.50   8.05000
950304004  Renaissance Center West              Las Vegas        NV    16,875,000   8.02000  11    25    16,673,816.37   8.02000
960307016  Tropicana Palms                      Las Vegas        NV    15,000,000   7.86000   5    30    14,915,241.67   7.86000
968517001  Holiday Manor Shopping Center        Northfield       KY    10,800,000   8.50000  10    25     4,787,182.65   8.50000
950102002  Mission Park Apartments              San Marcos       CA    10,200,000   7.76000  10    30    10,118,364.38   7.76000
950204006  Canyon Country Plaza               Santa Clarita      CA    10,000,000   8.22000  15    30     9,940,649.53   8.22000
950307009  Verde Mont Villas                  San Bernardino     CA     9,820,000   7.53000   5    30     9,745,477.68   7.53000
968530001  Brigantine Town Center               Brigantine       NJ     8,500,000   8.52000   7    25    10,714,178.64   8.52000
958543010  Pace's Crossing Apartments             Denton         TX     8,480,000   8.35000  10    30     8,436,570.32   8.35000
950305003  The Corner at Seven Corners         Falls Church      VA     8,100,000   8.44000  10    30     8,038,024.27   8.44000
958406001  New Colony Apartments               Fort Collins      CO     8,000,000   7.91000  10    30     7,943,682.75   7.91000
952007001  Southglen Center                   Overland Park      KS     7,600,000   7.78000  10    30     7,550,751.82   7.78000
958412001  Northgate Shopping Center              Boise          ID     7,275,000   8.54000  10    30     7,234,521.69   8.54000
950307008  ANA  ParkTowne Apartments              Perris         CA     7,240,000   8.20000  10    30     7,196,715.76   8.20000
968501002  Sunvilla Estates                        Reno          CA     7,150,000   8.24000  10    30     7,112,560.26   8.24000
958543007  Pecan Square Apartments                Dallas         TX     7,040,000   7.91000  10    30     6,995,416.58   7.91000
950307014  Santee Town Center                     Santee         CA     7,000,000   8.21000   7    25     6,930,923.17   8.21000
950307006  Briarhill Apartments                 Fullerton        CA     5,850,000   7.43000   5    30     5,804,725.18   7.43000
950205002  Canyon View Apartments               Las Vegas        NV     5,800,000   7.64000  10    30     5,756,927.99   7.64000
958910009  Emorywoods Apartments                 Atlanta         GA     5,800,000   8.30000  15    25     5,746,549.75   8.30000
958538004  Cedar Crest Square Shopping           Lebanon         PA     5,500,000   8.15000  10    25     5,435,767.69   8.15000
958528001  Ocotillo Plaza                       Las Vegas        NV     5,475,000   8.58000  10    25     5,415,305.96   8.58000
958528003  Rainbow Professional Center          Las Vegas        NV     5,503,300   9.12000   7    25     5,463,768.56   9.12000
952007003  Coral Island Apartments               Houston         TX     4,790,000   7.64000   7    30     5,016,355.82   7.64000
950506001  Sorrento Pines                       San Diego        CA     5,000,000   7.92000   7    25     4,939,439.44   7.92000
950103001  Trailer Rancho Mobile Home          Redwood City      CA     5,000,000   7.99000  10    30     4,965,357.48   7.99000
958530003  Heritage Place Shopping              Flemington       NJ     5,000,000   9.14000   5    25     4,964,201.59   9.14000
950307010  El Encanto Villas                      Tustin         CA     4,950,000   7.48000   5    30     4,912,064.49   7.48000
952007002  Coral Gables Apartments               Houston         TX     5,050,000   7.64000   7    30     4,758,027.20   7.64000
968510002  Comfort Inn - Buckhead                Atlanta         GA     4,850,000   9.56000  20    20     1,980,959.16   9.56000
958505002  Post Falls Factory Outlet            Post Falls       ID     4,500,000   8.75000  10    25     4,452,261.21   8.75000
958528002  Charleston Square (Phase I)          Las Vegas        NV     4,325,000   8.52000  10    25     4,290,742.70   8.52000
958910008  Chateau Montagne Apartments           Atlanta         GA     4,232,000   8.20000  15    25     4,192,361.41   8.20000
952007005  Suntree Apartments                  Kansas City       KS     3,960,000   8.36000  10    30     3,940,356.95   8.36000
950204005  City Centre Office Building          Long Beach       CA     3,937,000   8.70000  10    25     3,902,736.74   8.70000
950101001  Peppertree Business Park             San Diego        CA     3,680,000   7.83000   5    25     3,634,789.91   7.83000
958010001  Medical Arts Shopping Center          Savannah        GA     3,650,000   9.01000   5    25     3,612,874.27   9.01000
958543011  Warwick Apartments                     Dallas         TX     3,500,000   8.22000  10    30     3,479,227.63   8.22000
950307005  ANA Vermont Breeze Apts               Gardena         CA     3,400,000   7.73000   5    30     3,372,626.53   7.73000
950307004  ANA Towngate                       Moreno Valley      CA     3,300,000   7.51000   5    30     3,274,858.21   7.51000
950307002  ANA Country Hills  Apts.         Desert Hot Springs   CA     3,100,000   7.76000   5    30     3,079,777.86   7.76000
958535001  Bally's Scandinavian Health Spa        Canton         OH     2,890,000   9.25000  13    13     2,802,164.33   9.49000
950307007  Villa Del Sol                        Long Beach       CA     2,630,000   7.38000   5    30     2,609,445.30   7.38000
958543005  The Fountains of San Antonio        San Antonio       TX     2,550,000   7.98000  10    30     2,530,461.38   7.98000
950307001  Island Breeze Apartments              Gardena         CA     2,480,000   7.90000   7    30     2,464,418.94   7.90000
950307012  Sepulveda/Victory Center              Van Nuys        CA     2,450,000   8.54000  10    25     2,423,115.41   8.54000
958531002  Fox Plaza Shopping Center           Albuquerque       NM     2,250,000   7.98000  10    25     2,223,005.03   7.98000
958505006  Northwest Crossing Apartments          Dallas         TX     2,240,000   8.22000  10    30     2,226,487.03   8.22000
950903001  Tuxedo Park Apartments                Portland        OR     2,250,000   8.16000  10    30     2,238,027.11   8.16000
958447002  Adams Square Apartments               Spokane         WA     2,200,000   7.92000  10    30     2,184,543.47   7.92000
958910005  Charlestowne South Apartments         Augusta         GA     2,200,000   8.06000  15    30     2,184,968.50   8.06000
958543008  Clubview Gardens Apartments            Dallas         TX     2,160,000   7.91000  10    30     2,146,466.10   7.91000
968503001  Canyon Park Apartments                Phoenix         AZ     2,200,000   8.29000  10    30     1,585,080.83   8.29000
958543009  Comfort Inn - Amarillo                Amarillo        TX     2,250,000   9.44000  20    20     2,220,417.72   9.44000

</TABLE>
                                      Page 1 of 3 
<PAGE>

<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                                            PART A
<CAPTION>

                                                       Current Terms                       As of Cut-Off Date
                                                     ---------------     ---------------------------------------------------------
                                                        Eff.                            Total      Total Replacemen  NOI (NOI
 Loan ID        Property Name                         Net Rate Term Amort Loan Type   Revenue   Expenses  Reserves   Reserves  DSCR
- ---------  -----------------------------------       --------- ---- ----- --------- ---------  ---------  -------- ----------  ----
<S>       <C>                                        <C>       <C>   <C>   <C>    <C>         <C>        <C>       <C>        <C>
950304001  Mountaingate Plaza                          7.92500  112   25    FIXED   4,109,298  1,153,277    43,302  2,956,022  1.29
950304004  Renaissance Center West                     7.89500  122   25    FIXED   2,590,823    528,786    25,395  2,062,037  1.29
960307016  Tropicana Palms                             7.73500   52   30    FIXED   2,320,909    726,063    26,600  1,594,846  1.22
968517001  Holiday Manor Shopping Center               8.37500  112   25    FIXED   1,728,665    369,010    34,082  1,359,655  1.28
950102002  Mission Park Apartments                     7.63500  110   30    FIXED   2,040,835    911,272    52,800  1,129,563  1.29
950204006  Canyon Country Plaza                        8.09500  172   30    FIXED   1,996,568    568,811    23,776  1,427,758  1.58
950307009  Verde Mont Villas                           7.40500   51   30    FIXED   1,849,454    799,489    60,000  1,049,965  1.27
968530001  Brigantine Town Center                      8.39500   76   25    FIXED   1,609,371    457,526    18,988  1,151,845  1.37
958543010  Pace's Crossing Apartments                  8.22500  112   30    FIXED   2,083,938  1,082,398   105,480  1,001,541  1.30
950305003  The Corner at Seven Corners                 8.31500  109   30    FIXED   1,402,629    335,878    14,178  1,066,751  1.41
958406001  New Colony Apartments                       7.78500  111   30    FIXED   1,634,086    683,058    63,250    951,028  1.36
952007001  Southglen Center                            7.65500  112   30    FIXED     878,162     55,912    12,004    822,250  1.25
958412001  Northgate Shopping Center                   8.41500  112   30    FIXED   1,352,428    432,313    18,782    920,115  1.32
950307008  ANA  ParkTowne Apartments                   8.07500  112   30    FIXED   1,254,468    463,618    47,000    790,849  1.22
968501002  Sunvilla Estates                            8.11500  112   30    FIXED   1,241,069    448,203    16,200    792,866  1.23
958543007  Pecan Square Apartments                     7.78500  112   30    FIXED   1,891,685  1,098,659    99,000    793,026  1.29
950307014  Santee Town Center                          8.08500   76   25    FIXED   1,435,027    494,130     9,559    940,897  1.40
950307006  Briarhill Apartments                        7.30500   51   30    FIXED   1,058,731    433,016    25,600    625,716  1.28
950205002  Canyon View Apartments                      7.51500  111   30    FIXED   1,085,545    447,862    31,050    637,683  1.29
958910009  Emorywoods Apartments                       8.17500  172   25    FIXED   1,312,105    580,051    74,100    732,054  1.33
958538004  Cedar Crest Square Shopping Center          8.02500  110   25    FIXED   1,043,434    292,286    18,899    751,147  1.40
958528001  Ocotillo Plaza                              8.45500  110   25    FIXED   1,108,628    335,013    10,821    773,615  1.41
958528003  Rainbow Professional Center                 8.99500   76   25    FIXED     908,788    186,363     8,329    722,425  1.25
952007003  Coral Island Apartments                     7.51500   76   30    FIXED   1,474,657    947,834    79,000    526,823  1.28
950506001  Sorrento Pines                              7.79500   74   25    FIXED     883,155    217,811    17,175    665,343  1.38
950103001  Trailer Rancho Mobile Home Park             7.86500  111   30    FIXED     853,409    306,522     7,100    546,888  1.24
958530003  Heritage Place Shopping Center              9.01500   52   25    FIXED   1,012,394    307,795     7,367    704,599  1.35
950307010  El Encanto Villas                           7.35500   51   30    FIXED     896,603    381,298    23,200    515,305  1.24
952007002  Coral Gables Apartments                     7.51500   76   30    FIXED   1,560,676    981,770    81,500    578,905  1.35
968510002  Comfort Inn - Buckhead                      9.43500  232   20    FIXED   2,219,795  1,443,899         0    775,896  1.42
958505002  Post Falls Factory Outlet Center            8.62500  110   25    FIXED   1,060,526    371,781     9,180    688,745  1.51
958528002  Charleston Square (Phase I)                 8.39500  112   25    FIXED     781,101    208,133    10,038    572,968  1.34
958910008  Chateau Montagne Apartments                 8.07500  172   25    FIXED   1,097,917    598,080    54,600    499,837  1.25
952007005  Suntree Apartments                          8.23500  112   30    FIXED     887,622    447,520    53,750    440,102  1.22
950204005  City Centre Office Building                 8.57500  112   25    FIXED     946,490    392,874     9,156    553,616  1.32
950101001  Peppertree Business Park                    7.70500   50   25    FIXED     719,960    199,967    22,902    519,993  1.43
958010001  Medical Arts Shopping Center                8.88500   50   25    FIXED     742,044    186,915     9,355    555,129  1.41
958543011  Warwick Apartments                          8.09500  112   30    FIXED   1,144,011    730,326    72,000    413,686  1.31
950307005  ANA Vermont Breeze Apts                     7.60500   50   30    FIXED     687,654    214,771    20,800    472,883  1.62
950307004  ANA Towngate                                7.38500   51   30    FIXED     758,080    357,438    39,480    400,642  1.92
950307002  ANA Country Hills  Apts.                    7.63500   52   30    FIXED     752,869    384,781    65,800    368,088  1.38
958535001  Bally's Scandinavian Healh Spa              9.36500  148   13    FIXED     569,529     44,059     5,582    525,470  1.37
950307007  Villa Del Sol                               7.25500   51   30    FIXED     487,896    206,150    11,200    281,747  1.29
958543005  The Fountains of San Antoo                  7.85500  110   30    FIXED     634,284    341,960    25,300    292,324  1.30
950307001  Island Breeze Apartments                    7.77500   76   30    FIXED     534,114    103,539    20,800    430,575  1.99
950307012  Sepulveda/Victory Center                    8.41500  110   25    FIXED     517,389    154,164     3,739    363,225  1.50
958531002  Fox Plaza Shopping Center                   7.85500  110   25    FIXED     376,291     86,523    10,281    289,768  1.37
958505006  Northwest Crossing Apartmts                 8.09500  112   30    FIXED     798,605    540,724    50,400    257,881  1.28
950903001  Tuxedo Park Apartments                      8.03500  112   30    FIXED     399,028    151,990    12,096    247,038  1.23
958447002  Adams Square Apartments                     7.79500  110   30    FIXED     481,680    207,352    29,150    274,329  1.43
958910005  Charlestowne South Apartments               7.93500  171   30    FIXED     530,326    281,829    30,000    248,498  1.28
958543008  Clubview Gardens Apartments                 7.78500  112   30    FIXED     712,767    470,544    43,200    242,223  1.28
968503001  Canyon Park Apartments                      8.16500  112   30    FIXED     809,832    515,592    31,200    294,240  1.48
958543009  Comfort Inn - Amarillo                      9.31500  232   20    FIXED   1,303,942    901,172         0    402,770  1.61

</TABLE>
                                      Page 1 of 3 (continued)

<PAGE>

<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                                    PART A
<CAPTION> 
                                                                                                  Most Current
                                                                                 -----------------------------------------
                                                                                   Total      Total  Replacement  NOI (NOI
  Loan ID        Property Name                     Property Type                 Revenue   Expenses     Reserves  Reserves)  DSCR
- --------- -------------------------------        ------------------            ---------  ---------  -----------  ---------  ----
<S>       <S>                                    <C>                         <C>         <C>         <C>        <C>         <C>
950304001  Mountaingate Plaza                    Anchored Shopping Center      4,109,298  1,153,277    43,302     2,956,022  1.29
950304004  Renaissance Center West               Anchored Shopping Center      2,590,823    528,786    25,395     2,062,037  1.29
960307016  Tropicana Palms                       Mobile Home Park              2,320,909    726,063    26,600     1,594,846  1.22
968517001  Holiday Manor Shopping Center         Anchored Shopping Center      1,728,665    369,010    34,082     1,359,655  1.28
950102002  Mission Park Apartments               Multifamily                   2,040,835    911,272    52,800     1,129,563  1.29
950204006  Canyon Country Plaza                  Anchored Shopping Center      1,996,568    568,811    23,776     1,427,758  1.58
950307009  Verde Mont Villas                     Multifamily                   1,849,454    799,489    60,000     1,049,965  1.27
968530001  Brigantine Town Center                Anchored Shopping Center      1,609,371    457,526    18,988     1,151,845  1.37
958543010  Pace's Crossing Apartments            Multifamily                   2,083,938  1,082,398   105,480     1,001,541  1.30
950305003  The Corner at Seven Corners           Unanchored Shopping Center    1,402,629    335,878    14,178     1,066,751  1.41
958406001  New Colony Apartments                 Multifamily                   1,634,086    683,058    63,250       951,028  1.36
952007001  Southglen Center                      Anchored Shopping Center        878,162     55,912    12,004       822,250  1.25
958412001  Northgate Shopping Center             Anchored Shopping Center      1,352,428    432,313    18,782       920,115  1.32
950307008  ANA  ParkTowne Apartments             Multifamily                   1,254,468    463,618    47,000       790,849  1.22
968501002  Sunvilla Estates                      Mobile Home Park              1,241,069    448,203    16,200       792,866  1.23
958543007  Pecan Square Apartments               Multifamily                   1,891,685  1,098,659    99,000       793,026  1.29
950307014  Santee Town Center                    Anchored Shopping Center      1,435,027    494,130     9,559       940,897  1.40
950307006  Briarhill Apartments                  Multifamily                   1,058,731    433,016    25,600       625,716  1.28
950205002  Canyon View Apartments                Multifamily                   1,085,545    447,862    31,050       637,683  1.29
958910009  Emorywoods Apartments                 Multifamily                   1,312,105    580,051    74,100       732,054  1.33
958538004  Cedar Crest Square Shopping Center    Anchored Shopping Center      1,043,434    292,286    18,899       751,147  1.40
958528001  Ocotillo Plaza                        Anchored Shopping Center      1,108,628    335,013    10,821       773,615  1.41
958528003  Rainbow Professional Center           Office                          908,788    186,363     8,329       722,425  1.25
952007003  Coral Island Apartments               Multifamily                   1,474,657    947,834    79,000       526,823  1.28
950506001  Sorrento Pines                        Industrial                      883,155    217,811    17,175       665,343  1.38
950103001  Trailer Rancho Mobile Home Park       Mobile Home Park                853,409    306,522     7,100       546,888  1.24
958530003  Heritage Place Shopping Center        Unanchored Shopping Center    1,012,394    307,795     7,367       704,599  1.35
950307010  El Encanto Villas                     Multifamily                     896,603    381,298    23,200       515,305  1.24
952007002  Coral Gables Apartments               Multifamily                   1,560,676    981,770    81,500       578,905  1.35
968510002  Comfort Inn - Buckhead                Hospitality                   2,219,795  1,443,899         0       775,896  1.42
958505002  Post Falls Factory Outlet Center      Unanchored Shopping Center    1,060,526    371,781     9,180       688,745  1.51
958528002  Charleston Square (Phase I)           Anchored Shopping Center        781,101    208,133    10,038       572,968  1.34
958910008  Chateau Montagne Apartments           Multifamily                   1,097,917    598,080    54,600       499,837  1.25
952007005  Suntree Apartments                    Multifamily                     887,622    447,520    53,750       440,102  1.22
950204005  City Centre Office Building           Office                          946,490    392,874     9,156       553,616  1.32
950101001  Peppertree Business Park              Industrial                      719,960    199,967    22,902       519,993  1.43
958010001  Medical Arts Shopping Center          Anchored Shopping Center        742,044    186,915     9,355       555,129  1.41
958543011  Warwick Apartments                    Multifamily                   1,144,011    730,326    72,000       413,686  1.31
950307005  ANA Vermont Breeze Apts               Multifamily                     687,654    214,771    20,800       472,883  1.62
950307004  ANA Towngate                          Multifamily                     758,080    357,438    39,480       400,642  1.92
950307002  ANA Country Hills  Apts.              Multifamily                     752,869    384,781    65,800       368,088  1.38
958535001  Bally's Scandinavian Health Spa       Anchored Shopping Center        569,529     44,059     5,582       525,470  1.37
950307007  Villa Del Sol                         Multifamily                     487,896    206,150    11,200       281,747  1.29
958543005  The Fountains of San Antonio          Multifamily                     634,284    341,960    25,300       292,324  1.30
950307001  Island Breeze Apartments              Multifamily                     534,114    103,539    20,800       430,575  1.99
950307012  Sepulveda/Victory Center              Unanchored Shopping Center      517,389    154,164     3,739       363,225  1.50
958531002  Fox Plaza Shopping Center             Anchored Shopping Center        376,291     86,523    10,281       289,768  1.37
958505006  Northwest Crossing Apartments         Multifamily                     798,605    540,724    50,400       257,881  1.28
950903001  Tuxedo Park Apartments                Multifamily                     399,028    151,990    12,096       247,038  1.23
958447002  Adams Square Apartments               Multifamily                     481,680    207,352    29,150       274,329  1.43
958910005  Charlestowne South Apartments         Multifamily                     530,326    281,829    30,000       248,498  1.28
958543008  Clubview Gardens Apartments           Multifamily                     712,767    470,544    43,200       242,223  1.28
968503001  Canyon Park Apartments                Multifamily                     809,832    515,592    31,200       294,240  1.48
958543009  Comfort Inn - Amarillo                Hospitality                   1,303,942    901,172         0       402,770  1.61

</TABLE>
                                      Page 1 of 3 (continued)

<PAGE>

<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                                            PART A
<CAPTION>
                                                                       Balance Terms as of Cut-Off Date       Current Terms
                                                                       --------------------------------    ------------------

  Loan ID         Property Name                    City        State     Balance      Rate  Term  Amort      Balance       Rate
- --------- --------------------------------   ----------------- -----  -----------   ------- ---- ------ --------------   -------
<S>       <C>                               <C>                <C>  <C>           <C>       <C>  <C>  <C>               <C>
968510001  Woodhaven Apartments                  Augusta         GA     2,000,000   8.13000  10    25     2,188,595.60   8.13000
958007002  Factory Square                         Mystic         CT     1,905,000   8.21000   5    28     1,888,299.73   8.21000
958910007  Elmwood Apartments                     Tucker         GA     1,900,000   7.88000  10    25     1,879,016.10   7.88000
951302001  Greenwood Plaza                      South Bend       IN     2,540,000   8.46000  15    25     2,517,344.61   8.46000
952007004  Arborwood Apartments                   Tyler          TX     1,880,000   7.59000   5    30     1,865,900.40   7.59000
958509003  Talla Villa Apartments              Tallahassee       FL     1,850,000   8.02000  20    20     1,814,361.80   8.02000
958504001  Comfort Inn - Little Rock           Little Rock       AR     1,870,000   9.44000  20    20     1,845,413.81   9.44000
958032002  Huntington Office Center              Melville        NY     1,800,000   8.76000  10    25     1,780,935.23   8.76000
958910006  Highland Club Apartments              Atlanta         GA     1,800,000   7.91000  20    20     8,432,673.50   7.91000
950307003  Garden Breeze Apartments           San Bernadino      CA     1,800,000   7.77000   5    30     1,788,156.20   7.77000
950307011  Donna/Ventura                         Tarzana         CA     1,760,000   8.94000  10    25     1,741,893.80   8.94000
958509002  Morris Creek Apartments              Smithfield       VA     1,600,000   8.17000  20    20     1,569,729.14   8.17000
960307017  Fox Valley Apartments                Birmingham       AL     1,600,000   8.26000  10    25     1,768,164.46   8.26000
950304003  North Hills Tropicana Apts          North Hills       CA     1,500,000   8.12000  10    30     1,488,822.60   8.12000
958536001  Comfort Inn - Oklahoma City        Oklahoma City      OK     1,500,000   9.44000  20    20     1,480,278.26   9.44000
958007001  Deer Park Apartments                 Willington       CT     1,280,000   8.56000   5    30     1,271,268.01   8.56000
950307013  Fallbrook/Saticoy                   Canoga Park       CA     1,110,000   8.54000  10    25     1,097,819.62   8.54000
958910004  Summit Grove Apartments               Atlanta         GA     1,000,000   8.41000  20    20       985,068.94   8.41000
951201003  Shoppers Landing                      Freeport        ME       750,000   9.00000   7    25       743,079.91   9.00000
950103002  Vernitron Building                   San Diego        CA     2,450,000   8.47000   7    25     2,427,912.90   8.47000
888868929  Weavers Mill                         Manchester       CT    10,925,000   8.09000  10   360    10,843,103.20   8.09000
888868972  Cedar Springs Apartments             Las Vegas        NV    10,750,000   8.00000  10   360    10,675,666.94   8.00000
888868896  Desert Springs Apartments            Las Vegas        NV    10,750,000   8.00000  10   360    10,675,666.94   8.00000
888868901  33 Gold Street                        New York        NY    10,050,000   8.25000  10   330     9,958,443.55   8.25000
888868944  West Kentucky Outlet Center          Eddyville        KY     9,600,000   8.12500  10   300     9,487,439.23   8.12500
888868945  Rancho Vista Retirement                Vista          CA     8,000,000   8.75000  10   300     7,923,129.71   8.75000
888868941  Candletree Apartments                 Columbus        OH     7,800,000   8.00000  10   330     7,732,672.88   8.00000
888868934  123 West 44th Street                  New York        NY     7,700,000   8.12500  10   330     7,628,263.12   8.12500
885051015  Wisconsin Rapids - Int'l          Wisconsin Rapids    WI     1,175,000   8.88000  10   300     1,165,087.58   8.88000
888868897  Mark Twain                            Ballwin         MO     6,800,000   8.00000  10   300     6,710,980.96   8.00000
888868900  220 East 22nd Street                  New York        NY     6,600,000   8.25000  10   330     6,539,873.32   8.25000
888868923  Hunter Mill Plaza                      Oakton         VA     6,355,000   8.15000  10   300     6,280,782.49   8.15000
888868968  Sierra Townhomes                     Harlingen        TX     6,000,000   7.91000  10   360     5,957,762.11   7.91000
888868940  Woodstream-Greentree Apartments       Claymont        DE     5,200,000   8.03000   7   330     5,150,725.04   8.03000
888868969  Kings Point Plaza                   Delray Beach      Fl     4,777,000   9.12500  10   300     4,738,280.18   9.12500
888868964  Gardner Street Apartments             Allston         MA     5,000,000   7.87500   7   300     4,950,004.31   7.87500
888868899  210 East 22nd Street                  New York        NY     4,850,000   8.25000  10   330     4,805,816.05   8.25000
888868949  Shops of Dunwoody                     Dunwoody        GA     4,850,000   8.25000  10   300     4,794,253.07   8.25000
888868930  Yarn Mill                            Manchester       CT     4,578,500   8.09000  10   360     4,544,178.33   8.09000
888868965  Fox Meadows                         Grand Rapids      MI     4,550,000   7.92000  10   330     4,510,160.85   7.92000
888868966  Windtree I & II Apartments            Amarillo        TX     4,137,000   8.12500  10   330     4,105,655.69   8.12500
888868931  Duval Villa                            Austin         TX     4,220,000   8.42000  10   360     4,184,755.25   8.42000
888868954  Shoppes at Sawgrass Commons           Sunrise         FL     4,100,000   8.25000  10   300     4,052,873.66   8.25000
885051014  Schofield Warehouse                  Schofield        WI     4,125,000   8.88000  10   300     4,090,201.03   8.88000
888868885  Van Mark Apartments                    Monroe         LA     3,900,000   7.95900  10   300     3,853,053.18   7.95900
888868892  Cedar Creek Apartments                Santa Fe        NM     3,850,000   8.25000  25   360     3,822,047.18   8.25000
888868971  Carroll Plaza Shopping Center       Westminster       MD     3,822,000   8.37500   7   300     3,787,013.48   8.37500
885051016  Quality Logistics                     Hutchins        TX     3,878,000   8.87500   7   300     3,849,004.22   8.87500
888868928  Cedar Ridge                          Arlington        TX     3,750,000   8.12500  10   300     3,706,030.90   8.12500
888868921  Kid's Gap Building                    Westport        CT     3,600,000   8.37500  10   300     3,555,594.56   8.37500
888868961  Hacienda Healthcare                   Hanford         CA     3,500,000   9.12500   7   300     3,471,630.79   9.12500
888868953  Sutton Park Apartments                Lansing         MI     3,400,000   8.00000  10   330     3,370,652.26   8.00000
888868959  Zelda Place Shopping Center          Montgomery       AL     3,306,000   8.50000  10   330     3,282,610.47   8.50000
885051007  The Spanish Mission Apartments        Valdosta        GA     3,300,000   8.23000  10   330     3,275,484.30   8.23000
888868922  Commerce Plaza                      Springfield       VA     3,175,000   8.12500  10   300     3,137,772.92   8.12500

</TABLE>
                                      Page 2 of 3
<PAGE>

<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                                            PART A
<CAPTION>

                                                       Current Terms                       As of Cut-Off Date
                                                     ---------------     ---------------------------------------------------------
                                                        Eff.                            Total      Total Replacemen  NOI (NOI
 Loan ID        Property Name                         Net Rate Term Amort Loan Type   Revenue   Expenses  Reserves   Reserves  DSCR
- ---------  -----------------------------------       --------- ---- ----- --------- ---------  ---------  -------- ----------  ----
<S>       <C>                                        <C>       <C>   <C>   <C>    <C>         <C>        <C>       <C>        <C>
968510001  Woodhaven Apartments                        8.00500  112   25    FIXED     540,560    312,892    38,000    227,668  1.22
958007002  Factory Square                              8.08500   50   28    FIXED     555,735    295,489    19,745    260,246  1.44
958910007  Elmwood Apartments                          7.75500  111   25    FIXED     535,225    314,916    22,590    220,309  1.26
951302001  Greenwood Plaza                             8.33500  172   25    FIXED     480,513    140,783    20,284    339,731  1.33
952007004  Arborwood Apartments                        7.46500   51   30    FIXED     536,347    321,608    30,000    214,740  1.35
958509003  Talla Villa Apartments                      7.89500  230   20    FIXED     624,042    360,606    37,250    263,436  1.42
958504001  Comfort Inn - Little Rock                   9.31500  232   20    FIXED   1,276,777    952,433         0    324,344  1.56
958032002  Huntington Office Center                    8.63500  110   25    FIXED     665,516    341,209    11,168    324,307  1.43
958910006  Highland Club Apartments                    7.78500  231   20    FIXED     440,568    188,095    13,500    252,473  1.41
950307003  Garden Breeze Apartments                    7.64500   52   30    FIXED     465,092    239,105    47,628    225,987  1.46
950307011  Donna/Ventura                               8.81500  110   25    FIXED     339,601     90,585     2,029    249,016  1.39
958509002  Morris Creek Apartments                     8.04500  230   20    FIXED     480,905    228,285    21,750    252,620  1.55
960307017  Fox Valley Apartments                       8.13500  112   25    FIXED     471,583    239,523    36,000    232,060  1.58
950304003  North Hills Tropicana Apartments            7.99500  110   30    FIXED     491,471    259,835    17,250    231,636  1.73
958536001  Comfort Inn - Oklahoma City                 9.31500  232   20    FIXED   1,038,436    782,712         0    255,724  1.53
958007001  Deer Park Apartments                        8.43500   50   30    FIXED     325,629    154,469    11,250    171,160  1.44
950307013  Fallbrook/Saticoy                           8.41500  110   25    FIXED     208,180     59,200     1,752    148,980  1.35
958910004  Summit Grove Apartments                     8.28500  232   20    FIXED     333,161    187,571    16,000    145,590  1.41
951201003  Shoppers Landing                            8.87500   75   25    FIXED     170,063     60,739     2,515    109,323  1.38
950103002  Vernitron Building                          8.34500   76   25    FIXED     333,126     27,533     9,254    305,593  1.28
888868929  Weavers Mill                                7.89500  110  360    FIXED   2,084,520    798,395    57,600  1,228,525  1.27
888868972  Cedar Springs Apartments                    7.87500  111  360    FIXED   2,140,617    842,260    89,488  1,208,869  1.28
888868896  Desert Springs Apartments                   7.87500  111  360    FIXED   2,140,617    842,260    89,488  1,208,869  1.28
888868901  33 Gold Street                              8.14000  110  330    FIXED   2,871,985  1,476,007    63,700  1,332,278  1.44
888868944  West Kentucky Outlet Center                 8.01500  109  300    FIXED   2,201,252    748,863    16,175  1,436,214  1.51
888868945  Rancho Vista Retirement and Health Center   8.64000  110  300    FIXED   5,510,000  4,266,500    48,384  1,195,116  1.51
888868941  Candletree Apartments                       7.89000  111  330    FIXED   2,085,534  1,029,845   131,878    923,811  1.32
888868934  123 West 44th Street                        8.01500  110  330    FIXED   1,994,656  1,002,332    48,285    944,039  1.35
885051015  Wisconsin Rapids - Int'l Paper              8.77000  111  300    FIXED     182,280      9,114     5,400    167,766  1.43
888868897  Mark Twain                                  7.89000  109  300    FIXED   1,541,825    646,628    75,802    819,395  1.30
888868900  220 East 22nd Street                        8.14000  110  330    FIXED   1,720,169    873,888    47,244    799,037  1.31
888868923  Hunter Mill Plaza                           8.04000  109  300    FIXED   1,122,782    239,817    28,974    853,991  1.35
888868968  Sierra Townhomes                            7.71500  111  360    FIXED   1,299,067    536,770    45,344    716,953  1.37
888868940  Woodstream-Greentree Apartments             7.92000   74  330    FIXED   1,490,185    786,260    78,650    625,275  1.33
888868969  Kings Point Plaza                           9.01500  111  300    FIXED   1,066,008    312,642    22,850    730,516  1.35
888868964  Gardner Street Apartments                   7.76500   76  300    FIXED   1,128,135    529,506    26,880    571,749  1.25
888868899  210 East 22nd Street                        8.14000  110  330    FIXED   1,211,849    592,714    36,520    582,615  1.30
888868949  Shops of Dunwoody                           8.14000  109  300    FIXED     951,657    282,183     6,970    662,504  1.33
888868930  Yarn Mill                                   7.89500  110  360    FIXED     936,297    389,004    24,600    522,693  1.29
888868965  Fox Meadows                                 7.77500  111  330    FIXED   1,325,778    735,907    60,300    529,571  1.30
888868966  Windtree I & II Apartments                  8.01500  112  330    FIXED   1,250,211    657,972    87,768    504,471  1.34
888868931  Duval Villa                                 7.99000  108  360    FIXED     972,946    394,868    26,085    551,993  1.43
888868954  Shoppes at Sawgrass Commons                 8.14000  109  300    FIXED     795,802    216,490    10,561    568,751  1.39
885051014  Schofield Warehouse                         8.77000  111  300    FIXED   1,502,168    707,108    28,150    766,910  1.80
888868885  Van Mark Apartments                         7.84900  110  300    FIXED     824,691    318,744    28,800    477,147  1.33
888868892  Cedar Creek Apartments                      8.14000  290  360    FIXED     683,443    230,222    18,800    434,421  1.25
888868971  Carroll Plaza Shopping Center               8.26500   75  300    FIXED     706,700    167,335    13,953    525,412  1.35
885051016  Quality Logistics                           8.76500   76  300    FIXED     650,750    143,338    24,250    483,163  1.25
888868928  Cedar Ridge                                 8.01500  110  300    FIXED     949,354    410,054    44,770    494,530  1.41
888868921  Kid's Gap Building                          8.26500  108  300    FIXED     605,896    106,770     7,571    491,555  1.37
888868961  Hacienda Healthcare                         9.01500   75  300    FIXED   4,168,000  3,513,400    33,250    621,350  1.75
888868953  Sutton Park Apartments                      7.89000  111  330    FIXED   1,339,083    839,973    83,232    415,878  1.36
888868959  Zelda Place Shopping Center                 8.39000  111  330    FIXED     730,483    270,124    19,383    440,977  1.30
885051007  The Spanish Mission Apartments              8.12000  112  330    FIXED     877,141    414,975    46,050    416,116  1.37
888868922  Commerce Plaza                              8.01500  109  300    FIXED     600,306    163,169    23,792    413,345  1.30

</TABLE>
                                      Page 2 of 3 (continued)

<PAGE>

<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                                    PART A
<CAPTION> 
                                                                                                  Most Current
                                                                                 -----------------------------------------
                                                                                   Total      Total  Replacement  NOI (NOI
  Loan ID        Property Name                     Property Type                 Revenue   Expenses     Reserves  Reserves)  DSCR
- --------- -------------------------------        ------------------            ---------  ---------  -----------  ---------  ----
<S>       <S>                                    <C>                         <C>         <C>         <C>        <C>         <C>
968510001  Woodhaven Apartments                  Multifamily                     540,560    312,892    38,000       227,668  1.22
958007002  Factory Square                        Other                           555,735    295,489    19,745       260,246  1.44
958910007  Elmwood Apartments                    Multifamily                     535,225    314,916    22,590       220,309  1.26
951302001  Greenwood Plaza                       Anchored Shopping Center        480,513    140,783    20,284       339,731  1.33
952007004  Arborwood Apartments                  Multifamily                     536,347    321,608    30,000       214,740  1.35
958509003  Talla Villa Apartments                Multifamily                     624,042    360,606    37,250       263,436  1.42
958504001  Comfort Inn - Little Rock             Hospitality                   1,276,777    952,433         0       324,344  1.56
958032002  Huntington Office Center              Office                          665,516    341,209    11,168       324,307  1.43
958910006  Highland Club Apartments              Multifamily                     440,568    188,095    13,500       252,473  1.41
950307003  Garden Breeze Apartments              Multifamily                     465,092    239,105    47,628       225,987  1.46
950307011  Donna/Ventura                         Unanchored Shopping Center      339,601     90,585     2,029       249,016  1.39
958509002  Morris Creek Apartments               Multifamily                     480,905    228,285    21,750       252,620  1.55
960307017  Fox Valley Apartments                 Multifamily                     471,583    239,523    36,000       232,060  1.58
950304003  North Hills Tropicana Apartments      Multifamily                     491,471    259,835    17,250       231,636  1.73
958536001  Comfort Inn - Oklahoma City           Hospitality                   1,038,436    782,712         0       255,724  1.53
958007001  Deer Park Apartments                  Multifamily                     325,629    154,469    11,250       171,160  1.44
950307013  Fallbrook/Saticoy                     Unanchored Shopping Center      208,180     59,200     1,752       148,980  1.35
958910004  Summit Grove Apartments               Multifamily                     333,161    187,571    16,000       145,590  1.41
951201003  Shoppers Landing                      Unanchored Shopping Center      170,063     60,739     2,515       109,323  1.38
950103002  Vernitron Building                    Industrial                      333,126     27,533     9,254       305,593  1.28
888868929  Weavers Mill                          Multifamily                   2,084,520    798,395    57,600     1,228,525  1.27
888868972  Cedar Springs Apartments              Multifamily                   2,140,617    842,260    89,488     1,208,869  1.28
888868896  Desert Springs Apartments             Multifamily                   2,140,617    842,260    89,488     1,208,869  1.28
888868901  33 Gold Street                        Multifamily                   2,871,985  1,476,007    63,700     1,332,278  1.44
888868944  West Kentucky Outlet Center           Retail                        2,201,252    748,863    16,175     1,436,214  1.51
888868945  Rancho Vista Retirement and Health    Continuum Care                5,510,000  4,266,500    48,384     1,195,116  1.51
888868941  Candletree Apartments                 Multifamily                   2,085,534  1,029,845   131,878       923,811  1.32
888868934  123 West 44th Street                  Multifamily                   1,994,656  1,002,332    48,285       944,039  1.35
885051015  Wisconsin Rapids - Int'l Paper        Industrial                      182,280      9,114     5,400       167,766  1.43
888868897  Mark Twain                            Multifamily                   1,541,825    646,628    75,802       819,395  1.30
888868900  220 East 22nd Street                  Multifamily                   1,720,169    873,888    47,244       799,037  1.31
888868923  Hunter Mill Plaza                     Retail                        1,122,782    239,817    28,974       853,991  1.35
888868968  Sierra Townhomes                      Multifamily                   1,299,067    536,770    45,344       716,953  1.37
888868940  Woodstream-Greentree Apartments       Multifamily                   1,490,185    786,260    78,650       625,275  1.33
888868969  Kings Point Plaza                     Retail                        1,066,008    312,642    22,850       730,516  1.35
888868964  Gardner Street Apartments             Multifamily                   1,128,135    529,506    26,880       571,749  1.25
888868899  210 East 22nd Street                  Multifamily                   1,211,849    592,714    36,520       582,615  1.30
888868949  Shops of Dunwoody                     Retail                          951,657    282,183     6,970       662,504  1.33
888868930  Yarn Mill                             Multifamily                     936,297    389,004    24,600       522,693  1.29
888868965  Fox Meadows                           Multifamily                   1,325,778    735,907    60,300       529,571  1.30
888868966  Windtree I & II Apartments            Multifamily                   1,250,211    657,972    87,768       504,471  1.34
888868931  Duval Villa                           Multifamily                     972,946    394,868    26,085       551,993  1.43
888868954  Shoppes at Sawgrass Commons           Retail                          795,802    216,490    10,561       568,751  1.39
885051014  Schofield Warehouse                   Industrial                    1,502,168    707,108    28,150       766,910  1.80
888868885  Van Mark Apartments                   Multifamily                     824,691    318,744    28,800       477,147  1.33
888868892  Cedar Creek Apartments                Sec. 42                         683,443    230,222    18,800       434,421  1.25
888868971  Carroll Plaza Shopping Center         Retail                          706,700    167,335    13,953       525,412  1.35
885051016  Quality Logistics                     Industrial                      650,750    143,338    24,250       483,163  1.25
888868928  Cedar Ridge                           Multifamily                     949,354    410,054    44,770       494,530  1.41
888868921  Kid's Gap Building                    Retail                          605,896    106,770     7,571       491,555  1.37
888868961  Hacienda Healthcare                   Nursing                       4,168,000  3,513,400    33,250       621,350  1.75
888868953  Sutton Park Apartments                Multifamily                   1,339,083    839,973    83,232       415,878  1.36
888868959  Zelda Place Shopping Center           Retail                          730,483    270,124    19,383       440,977  1.30
885051007  The Spanish Mission Apartments        Multifamily                     877,141    414,975    46,050       416,116  1.37
888868922  Commerce Plaza                        Retail                          600,306    163,169    23,792       413,345  1.30


</TABLE>
                                      Page 2 of 3 (continued)
<PAGE>

<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                                            PART A
<CAPTION>
                                                                       Balance Terms as of Cut-Off Date       Current Terms
                                                                       --------------------------------    ------------------

  Loan ID         Property Name                    City        State     Balance      Rate  Term  Amort      Balance       Rate
- --------- --------------------------------   ----------------- -----  -----------   ------- ---- ------ --------------   -------
<S>       <C>                               <C>                <C>  <C>           <C>       <C>  <C>  <C>               <C>
888868893  Blue River Apartments               Silverthorne      CO     3,130,000   8.12500  25   360     3,108,890.26   8.12500
888868865  Central High School                  South Bend       IN     3,018,000   8.12500  25   360     2,999,743.35   8.12500
888830081  KMart Plaza                            Lapeer         MI     3,014,000   8.10000  10   300     2,975,162.44   8.10000
888868951  Hamilton Plaza West                  Framingham       MA     3,000,000   8.37500  10   300     2,969,379.28   8.37500
888868942  Melody Place Apartments                Dallas         TX     2,882,000   8.25000  25   300     2,848,873.70   8.25000
888868898  Liberty West                         Baltimore        MD     2,850,000   8.25000  10   330     2,821,577.38   8.25000
888868914  Spencerwood Shopping Center          Deer Park        TX     2,750,000   8.62500  10   300     2,717,408.67   8.62500
888868952  Brookshire Apartments                 Lansing         MI     2,700,000   8.25000  10   330     2,677,716.25   8.25000
888868887  Terrace View VI                      Blacksburg       VA     2,593,000   8.08500  10   330     2,566,366.60   8.08500
888868938  Kinsor Towers                         Brooklyn        NY     2,550,000   8.25000  10   300     2,520,689.73   8.25000
888868902  1112 M Street                        Washington       DC     2,550,000   8.12500  10   330     2,523,994.58   8.12500
888868943  Lakeview Village Apartments          Milwaukee        WI     2,529,000   8.25000  10   330     2,508,127.51   8.25000
888868888  Mark Greenville Apartments           Greenville       MS     2,513,000   8.03900  10   330     2,486,978.05   8.03900
888868958  Palm Oasis Apartments                 Phoenix         AZ     2,500,000   8.12500  25   360     2,483,139.16   8.12500
888868913  Discovery Zone Center                 Danbury         CT     2,225,000   8.37500  10   300     2,197,554.90   8.37500
885051001  Village @ Eland                     Phoenixville      PA     2,240,000   8.25000   7   300     2,219,079.75   8.25000
888868939  Huntington Retirement Ho              Torrance        CA     2,100,000   9.12500  10   300     2,082,978.48   9.12500
888868925  Waples Mobile Home Park               Fairfax         VA     1,900,000   7.95000  10   300     1,877,095.89   7.95000
888868889  Royale Apartments                     Atlanta         GA     1,900,000   7.89000  10   330     1,879,796.06   7.89000
888868976  Roebuck Shopping Center              Birmingham       AL     1,750,000   8.50000  10   300     1,734,299.66   8.50000
888868866  The Courtyard                       Grand Chute       WI     1,752,000   8.37500  25   360     1,738,418.90   8.37500
888868936  Fiesta Del Norte Shopping           Alberquerque      NM     1,720,000   8.31000  10   300     1,700,418.15   8.31000
888868829  Stephenson Mill                      South Bend       IN     1,615,000   8.12500  25   360     1,605,230.48   8.12500
888868860  2881-2883 Third Avenue                 Bronx          NY     1,600,000   8.62500  10   300     1,584,312.37   8.62500
885051011  Angels for the Elderly               Montgomery       AL     1,514,000   8.87500  10   300     1,501,217.30   8.87500
888868927  Bull Run Mobile Home Park             Manassas        VA     1,500,000   7.95000  10   300     1,481,917.84   7.95000
888868891  Graystone Apartments                 San Marcus       TX     1,500,000   8.62500  10   330     1,486,016.89   8.62500
888868962  Pinedale II Apartments               Menomonie        WI     1,460,000   8.12500  25   330     1,448,938.18   8.12500
888868920  Park East Apartments                 Las Vegas        NV     1,378,000   8.28000  10   330     1,365,513.75   8.28000
888868916  1102-1130 Washington Str               Boston         MA     1,375,000   8.50000  10   300     1,358,374.77   8.50000
885051003  111 East 167th Street                  Bronx          NY     1,350,000   8.50000   7   300     1,339,272.30   8.50000
888868917  Kendale                              Baltimore        MD     1,356,000   8.25000  10   330     1,343,646.72   8.25000
888868859  Riverloft                             Reading         PA     1,264,000   8.50000  10   330     1,255,057.35   8.50000
885051006  Peachtree Avenue Apartments           Atlanta         GA     1,400,000   8.00000   7   300     1,386,392.27   8.00000
888868947  Westgate Manor Apartments             Amarillo        TX     1,298,000   8.25000  10   330     1,287,287.22   8.25000
888868946  Omni Apartments                       Lubbock         TX     1,295,000   8.25000  10   330     1,284,312.04   8.25000
888868963  St. Croix Apartments                 Woodville        WI     1,140,000   8.12500  25   300     1,129,138.09   8.12500
888868919  Escondido Manor Apartments           Las Vegas        NV     1,022,000   8.28000  10   330     1,012,739.48   8.28000
888868967  Western Oaks Apartments               Lubbock         TX     1,026,000   8.12500  10   330     1,018,226.39   8.12500
888868915  101-109 State Street                   Boston         MA       800,000   8.62500  10   300       791,340.40   8.62500
888830006  Rivertree Park                         Austin         TX       830,000   8.78000  10   300       823,697.27   8.78000
885051013  Wisconsin Rapids - Public         Wisconsin Rapids    WI     6,300,000   8.88000  10   300     6,246,852.40   8.88000
888868970  Castle Cove                           Garland         TX       910,000   8.37500  10   240       894,785.17   8.37500
888868973  Pinecrest West                      Tallahassee       FL     1,020,000   8.12500  10   330     1,012,277.85   8.12500
888868974  Morningstar                         Tallahassee       FL     1,294,000   8.12500  10   330     1,284,203.49   8.12500
885051023  Hollyview Apartments                  Houston         TX     4,450,000   8.30000   7   330     4,417,355.92   8.30000
885051024  Willowbend Apartments                 Houston         TX     4,125,000   8.30000   7   330     4,094,739.99   8.30000
885051025  690 Gerard Avenue                      Bronx          NY     1,482,000   8.50000   7   300     1,470,223.37   8.50000
885051021  Northwood Apartments                 Baltimore        MD     5,550,000   8.50000   7   330     5,510,734.53   8.50000
885051020  Hampton House Apartments          Baltimore County    MD     3,900,000   8.25000  10   360     3,867,735.13   8.25000

                                                                      648,270,800                       642,562,645.00
TOTALS:    159

</TABLE>
                                      Page 3 of 3
<PAGE>

<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                                            PART A
<CAPTION>

                                                       Current Terms                       As of Cut-Off Date
                                                     ---------------     ---------------------------------------------------------
                                                        Eff.                            Total      Total Replacemen  NOI (NOI
 Loan ID        Property Name                         Net Rate Term Amort Loan Type   Revenue   Expenses  Reserves   Reserves  DSCR
- ---------  -----------------------------------       --------- ---- ----- --------- ---------  ---------  -------- ----------  ----
<S>       <C>                                        <C>       <C>   <C>   <C>    <C>         <C>        <C>       <C>        <C>
888868893  Blue River Apartments                       8.01500  291  360    FIXED     602,733    233,022    15,600    354,111  1.27
888868865  Central High School                         8.01500  292  360    FIXED     661,619    325,567    21,200    314,852  1.17
888830081  KMart Plaza                                 7.99000  108  300    FIXED     597,540    179,077    26,212    392,251  1.34
888868951  Hamilton Plaza West                         8.26500  110  300    FIXED     739,213    302,291     8,563    428,359  1.38
888868942  Melody Place Apartments                     8.14000  290  300    FIXED     887,543    511,549    39,360    336,634  1.23
888868898  Liberty West                                8.14000  109  330    FIXED     808,550    401,709    37,000    369,841  1.41
888868914  Spencerwood Shopping Center                 8.51500  108  300    FIXED     521,436    162,622     6,230    352,584  1.25
888868952  Brookshire Apartments                       8.14000  111  330    FIXED     737,237    370,034    30,276    336,928  1.35
888868887  Terrace View VI                             7.97500  109  330    FIXED     601,813    262,893    32,450    306,470  1.30
888868938  Kinsor Towers                               8.14000  110  300    FIXED     860,221    506,381    38,400    315,440  1.31
888868902  1112 M Street                               8.01500  109  330    FIXED     829,282    465,667    30,008    333,607  1.44
888868943  Lakeview Village Apartments                 8.14000  111  330    FIXED     855,818    513,544    41,160    301,114  1.29
888868888  Mark Greenville Apartments                  7.92900  109  330    FIXED     582,975    237,149    20,544    325,282  1.43
888868958  Palm Oasis Apartments                       8.01500  291  360    FIXED     698,757    380,294    31,400    287,063  1.29
888868913  Discovery Zone Center                       8.26500  108  300    FIXED     548,033    177,777    12,846    357,410  1.60
885051001  Village @ Eland                             8.14000   75  300    FIXED     461,952    162,341     6,054    293,557  1.34
888868939  Huntington Retirement Hotel                 9.01500  111  300    FIXED   2,280,000  1,509,500    30,774    739,726  3.46
888868925  Waples Mobile Home Park                     7.84000  109  300    FIXED     520,661    179,477     7,144    334,040  1.91
888868889  Royale Apartments                           7.78000  109  330    FIXED     523,260    269,440    23,760    230,060  1.36
888868976  Roebuck Shopping Center                     8.39000  111  300    FIXED     331,544     68,077     9,875    253,592  1.35
888868866  The Courtyard                               8.26500  289  360    FIXED     359,375    167,092     9,150    183,134  1.15
888868936  Fiesta Del Norte Shopping Center            8.20000  109  300    FIXED     409,427    121,971    18,353    269,102  1.49
888868829  Stephenson Mill                             8.01500  292  360    FIXED     317,505    137,099     7,800    172,606  1.20
888868860  2881-2883 Third Avenue                      8.51500  110  300    FIXED     484,567    249,958     4,850    229,758  1.43
885051011  Angels for the Elderly                      8.68000  111  300    FIXED     798,285    578,414    12,000    207,871  1.38
888868927  Bull Run Mobile Home Park                   7.84000  109  300    FIXED     558,003    212,718     4,650    340,635  2.46
888868891  Graystone Apartments                        8.51500  109  330    FIXED     430,933    202,565    17,920    210,448  1.47
888868962  Pinedale II Apartments                      8.01500  292  330    FIXED     309,342    127,028    10,500    171,814  1.29
888868920  Park East Apartments                        8.17000  110  330    FIXED     387,268    193,751    19,594    173,923  1.37
888868916  1102-1130 Washington Street                 8.39000  108  300    FIXED     333,043    113,802     4,561    214,680  1.42
885051003  111 East 167th Street                       8.39000   76  300    FIXED     481,414    289,007    21,252    171,155  1.31
888868917  Kendale                                     8.14000  110  330    FIXED     521,193    335,912    22,000    163,281  1.31
888868859  Riverloft                                   8.39000  112  330    FIXED     454,701    276,477    20,145    158,080  1.33
885051006  Peachtree Avenue Apartments                 7.89000   76  300    FIXED     401,114    207,853    13,600    179,661  1.39
888868947  Westgate Manor Apartments                   8.14000  111  330    FIXED     578,410    369,047    40,896    168,467  1.41
888868946  Omni Apartments                             8.14000  111  330    FIXED     435,994    246,935    25,800    163,259  1.37
888868963  St. Croix Apartments                        8.01500  292  300    FIXED     239,030     93,001     7,000    139,029  1.30
888868919  Escondido Manor Apartments                  8.17000  110  330    FIXED     296,335    147,330    15,120    133,885  1.42
888868967  Western Oaks Apartments                     8.01500  112  330    FIXED     316,036    171,782    18,957    125,297  1.34
888868915  101-109 State Street                        8.51500  109  300    FIXED     335,380    199,079     5,552    130,749  1.35
888830006  Rivertree Park                              8.67000  112  300    FIXED     225,958     95,993     9,962    120,003  1.46
885051013  Wisconsin Rapids - Public Warehouse         8.77000  111  300    FIXED   2,805,246  1,399,262    47,250  1,358,734  2.12
888868970  Castle Cove                                 8.26500  111  240    FIXED     299,774    137,013    16,560    146,201  1.56
888868973  Pinecrest West                              8.01500  112  330    FIXED     273,093    133,097    14,784    125,212  1.35
888868974  Morningstar                                 8.01500  112  330    FIXED     333,489    150,668    16,917    165,905  1.41
885051023  Hollyview Apartments                        8.15500   76  330    FIXED   1,470,206    855,959    65,600    548,647  1.33
885051024  Willowbend Apartments                       8.15500   76  330    FIXED   1,454,200    904,743    66,600    482,857  1.27
885051025  690 Gerard Avenue                           8.39000   76  300    FIXED     507,294    292,624    28,080    186,589  1.30
885051021  Northwood Apartments                        8.35500   76  330    FIXED   1,884,169  1,025,843    97,750    760,576  1.46
885051020  Hampton House Apartments                    8.10500  112  360    FIXED   1,678,273  1,154,521    42,640    481,112  1.37

</TABLE>
                                      Page 3 of 3 (continued)
<PAGE>

<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                                    PART A
<CAPTION> 
                                                                                                  Most Current
                                                                                 -----------------------------------------
                                                                                   Total      Total  Replacement  NOI (NOI
  Loan ID        Property Name                     Property Type                 Revenue   Expenses     Reserves  Reserves)  DSCR
- --------- -------------------------------        ------------------            ---------  ---------  -----------  ---------  ----
<S>       <S>                                    <C>                         <C>         <C>         <C>        <C>         <C>
888868893  Blue River Apartments                 Sec. 42                         602,733    233,022    15,600       354,111  1.27
888868865  Central High School                   Sec. 42                         661,619    325,567    21,200       314,852  1.17
888830081  KMart Plaza                           Retail                          597,540    179,077    26,212       392,251  1.34
888868951  Hamilton Plaza West                   Retail                          739,213    302,291     8,563       428,359  1.38
888868942  Melody Place Apartments               Sec. 42                         887,543    511,549    39,360       336,634  1.23
888868898  Liberty West                          Multifamily                     808,550    401,709    37,000       369,841  1.41
888868914  Spencerwood Shopping Center           Retail                          521,436    162,622     6,230       352,584  1.25
888868952  Brookshire Apartments                 Multifamily                     737,237    370,034    30,276       336,928  1.35
888868887  Terrace View VI                       Multifamily                     601,813    262,893    32,450       306,470  1.30
888868938  Kinsor Towers                         Multifamily                     860,221    506,381    38,400       315,440  1.31
888868902  1112 M Street                         Multifamily                     829,282    465,667    30,008       333,607  1.44
888868943  Lakeview Village Apartments           Multifamily                     855,818    513,544    41,160       301,114  1.29
888868888  Mark Greenville Apartments            Multifamily                     582,975    237,149    20,544       325,282  1.43
888868958  Palm Oasis Apartments                 Sec. 42                         698,757    380,294    31,400       287,063  1.29
888868913  Discovery Zone Center                 Retail                          548,033    177,777    12,846       357,410  1.60
885051001  Village @ Eland                       Retail                          461,952    162,341     6,054       293,557  1.34
888868939  Huntington Retirement Hotel           Assisted Living               2,280,000  1,509,500    30,774       739,726  3.46
888868925  Waples Mobile Home Park               Mobile Home                     520,661    179,477     7,144       334,040  1.91
888868889  Royale Apartments                     Multifamily                     523,260    269,440    23,760       230,060  1.36
888868976  Roebuck Shopping Center               Retail                          331,544     68,077     9,875       253,592  1.35
888868866  The Courtyard                         Sec. 42                         359,375    167,092     9,150       183,134  1.15
888868936  Fiesta Del Norte Shopping Center      Retail                          409,427    121,971    18,353       269,102  1.49
888868829  Stephenson Mill                       Sec. 42                         317,505    137,099     7,800       172,606  1.20
888868860  2881-2883 Third Avenue                Retail                          484,567    249,958     4,850       229,758  1.43
885051011  Angels for the Elderly                Assisted Living                 798,285    578,414    12,000       207,871  1.38
888868927  Bull Run Mobile Home Park             Mobile Home                     558,003    212,718     4,650       340,635  2.46
888868891  Graystone Apartments                  Multifamily                     430,933    202,565    17,920       210,448  1.47
888868962  Pinedale II Apartments                Sect 42                         309,342    127,028    10,500       171,814  1.29
888868920  Park East Apartments                  Multifamily                     387,268    193,751    19,594       173,923  1.37
888868916  1102-1130 Washington Street           Retail                          333,043    113,802     4,561       214,680  1.42
885051003  111 East 167th Street                 Multifamily                     481,414    289,007    21,252       171,155  1.31
888868917  Kendale                               Multifamily                     521,193    335,912    22,000       163,281  1.31
888868859  Riverloft                             Multifamily                     454,701    276,477    20,145       158,080  1.33
885051006  Peachtree Avenue Apartments           Multifamily                     401,114    207,853    13,600       179,661  1.39
888868947  Westgate Manor Apartments             Multifamily                     578,410    369,047    40,896       168,467  1.41
888868946  Omni Apartments                       Multifamily                     435,994    246,935    25,800       163,259  1.37
888868963  St. Croix Apartments                  Sect 42                         239,030     93,001     7,000       139,029  1.30
888868919  Escondido Manor Apartments            Multifamily                     296,335    147,330    15,120       133,885  1.42
888868967  Western Oaks Apartments               Multifamily                     316,036    171,782    18,957       125,297  1.34
888868915  101-109 State Street                  Office                          335,380    199,079     5,552       130,749  1.35
888830006  Rivertree Park                        Multifamily                     225,958     95,993     9,962       120,003  1.46
885051013  Wisconsin Rapids - Public Warehouse   Industrial                    2,805,246  1,399,262    47,250     1,358,734  2.12
888868970  Castle Cove                           Multifamily                     299,774    137,013    16,560       146,201  1.56
888868973  Pinecrest West                        Multifamily                     273,093    133,097    14,784       125,212  1.35
888868974  Morningstar                           Multifamily                     333,489    150,668    16,917       165,905  1.41
885051023  Hollyview Apartments                  Multifamily                   1,470,206    855,959    65,600       548,647  1.33
885051024  Willowbend Apartments                 Multifamily                   1,454,200    904,743    66,600       482,857  1.27
885051025  690 Gerard Avenue                     Multifamily                     507,294    292,624    28,080       186,589  1.30
885051021  Northwood Apartments                  Multifamily                   1,884,169  1,025,843    97,750       760,576  1.46
885051020  Hampton House Apartments              Multifamily                   1,678,273  1,154,521    42,640       481,112  1.37

</TABLE>
                                      Page 3 of 3 (continued)
<PAGE>

<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                                              PART B
<CAPTION>

                                                                                    Retail Properties Lease
                                                                          --------------------------------------------------
              Appraised     Appraisal Appraised Occupancy/  Occupancy                                Largest Tenant    Tenant %
  Loan ID        Value         Year      LTV    Percentage  as of Date  Largest Retail Tenant Name        Sq. Ft.    of Property
- ---------  ---------------   --------  -------- ----------  ----------  --------------------------   --------------  -----------
<S>       <C>               <C>        <C>      <C>       <C>          <C>                            <C>              <C>
950304001   $32,140,000.00   09/19/95    74.98%    97.18        N/A     Edwards Theatre                  31,695         10.98%
950304004   $22,500,000.00   10/14/95    75.00%    99.29        N/A     Price Rite                       60,560         35.77%
960307016   $18,860,000.00   01/22/96    79.53%    98.12        N/A     N/A                                N/A            N/A
968517001   $14,600,000.00               73.97%    95.65        N/A     Kroger                               55         37.27%
950102002   $12,900,000.00   10/20/95    79.07%    91.67        N/A     N/A                                N/A            N/A
950204006   $15,450,000.00   11/15/95    64.72%    90.35        N/A     Food 4 Less                          54         34.66%
950307009   $12,860,000.00   12/01/95    0.00%     87.33        N/A     N/A                                N/A            N/A
968530001   $12,000,000.00   02/09/96    70.83%    81.77        N/A     Fleming Food                         30         23.70%
958543010   $10,600,000.00   01/04/96    80.00%    96.57        N/A     N/A                                N/A            N/A
950305003   $11,300,000.00   10/31/95    71.68%   100.00        N/A     The Gap                          18,000         25.39%
958406001   $10,900,000.00   08/05/95    73.39%    96.84        N/A     N/A                                N/A            N/A
952007001   $10,600,000.00   11/21/95    71.70%   100.00        N/A     Bed, Bath & Beyond               50,028         62.51%
958412001    $9,700,000.00   12/01/95    75.00%    98.16        N/A     Troutman Emporium                    32         26.09%
950307008    $3,900,000.00   11/20/95    79.49%    79.05        N/A     G.L. Perry                       19,760         12.85%
968501002    $2,035,000.00   01/16/96    79.00%    97.64        N/A     N/A                                N/A            N/A
958543007    $8,800,000.00   12/14/95    80.00%    91.14        N/A     N/A                                N/A            N/A
950307014    $9,825,000.00   12/28/95    71.25%    90.60        N/A     Hometown Buffet                      10         15.47%
950307006    $7,800,000.00   12/01/95    75.00%    94.53        N/A     N/A                                N/A            N/A
950205002    $7,250,000.00   10/25/95    80.00%    98.75        N/A     N/A                                N/A            N/A
958910009    $7,700,000.00   01/10/96    75.32%    99.57        N/A     N/A                                N/A            N/A
958538004    $7,400,000.00   11/27/95    74.32%    86.15        N/A     Foodland                (        45,500         36.11%
958528001    $7,300,000.00   10/25/95    75.00%    98.75        N/A     Petsmart                         24,034         33.31%
958528003    $7,800,000.00   01/08/96    71.15%    94.20        N/A     KDGO Holdings                                   13.76%
952007003    $6,100,000.00   12/15/95    78.52%    92.51        N/A     N/A                                N/A            N/A
950506001    $6,690,000.00   11/01/95    74.74%   100.00        N/A     Qualcomm                         45,133         39.42%
950103001    $6,300,000.00   12/05/95    79.37%    98.60        N/A     N/A                                N/A            N/A
958530003    $7,800,000.00   01/01/96    64.10%    88.29        N/A     Reebok                               15         31.61%
950307010    $6,965,000.00   12/01/95    71.07%    94.51        N/A     N/A                                N/A            N/A
952007002    $6,800,000.00   12/15/95    74.26%    91.72        N/A     N/A                                N/A            N/A
968510002    $7,800,000.00   02/05/96    62.18%    0.00         N/A     N/A                                N/A            N/A
958505002    $6,500,000.00   09/25/95    68.81%    98.03        N/A     Dress Barn                        5,016          8.20%
958528002    $5,800,000.00   01/18/96    74.57%    98.39        N/A     Von's Grocery                        36         54.99%
958910008    $5,300,000.00   12/29/95    79.85%    98.46        N/A     N/A                                N/A            N/A
952007005    $5,180,000.00   12/14/95    76.83%    90.10        N/A     N/A                                N/A            N/A
950204005    $5,250,000.00   06/15/95    74.99%   100.00        N/A     City of Long Beach                   10         16.75%
950101001    $5,000,000.00   06/15/95    73.60%   100.00        N/A     Aetrium Inc.                     41,610         45.42%
958010001    $5,570,000.00   10/06/95    65.53%    94.51        N/A     Revco                            12,000         19.34%
958543011    $4,420,000.00   01/04/96    79.19%    95.83        N/A     N/A                                N/A            N/A
950307005    $4,250,000.00   11/22/95    80.00%    89.42        N/A     N/A                                N/A            N/A
950307004    $4,820,000.00   11/20/95    68.46%    98.80        N/A     N/A                                N/A            N/A
950307002    $9,050,000.00   12/04/95    80.00%    94.78        N/A     N/A                                N/A            N/A
958535001    $4,300,000.00   12/31/95    67.20%   100.00        N/A     Bed, Bath & Beyond               50,028        134.43%
950307007    $3,600,000.00   12/01/95    73.06%    96.40        N/A     N/A                                N/A            N/A
958543005    $3,400,000.00   10/26/95    75.00%    97.00        N/A     N/A                                N/A            N/A
950307001    $3,100,000.00   11/22/95    80.00%    96.67        N/A     N/A                                N/A            N/A
950307012    $3,500,000.00   11/03/95    70.00%    91.84        N/A     GDP Corp/Kinko's                  3,602         14.45%
958531002    $3,000,000.00   09/08/95    75.00%    96.40        N/A     Furr's So-Lo Food Store          47,677         69.56%
958505006    $2,800,000.00   01/04/96    80.00%    95.68        N/A     N/A                                N/A            N/A
950903001    $2,860,000.00   10/30/95    78.67%    97.01        N/A     N/A                                N/A            N/A
958447002    $3,120,000.00   06/08/95    70.51%    94.93        N/A     N/A                                N/A            N/A
958910005    $2,760,000.00   11/21/95    79.71%    97.78        N/A     N/A                                N/A            N/A
958543008    $2,700,000.00   12/14/95    80.00%    97.92        N/A     N/A                                N/A            N/A
968503001    $2,950,000.00   02/01/96    74.58%    94.87        N/A     N/A                                N/A            N/A
958543009    $3,200,000.00   01/04/96    70.31%    0.00         N/A     N/A                                N/A            N/A

</TABLE>
                                      Page 1 of 3
<PAGE>

<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                             PART B
<CAPTION>

                 As of Cut-off Date
               -----------------------
            Expiration   Cumulative % of    Date of         Times Delinquent Times Delinquent Times Delinquent
  Loan ID      Date    Pool as of Cutoff Modification Status     30 Days          60 Days          90 Days
- ---------   ---------- ----------------- ------------ ------  -------------  ---------------- ----------------
<S>         <C>        <C>                <C>          <C>    <C>             <C>              <C>
950304001   05/31/2011        3.72%           N/A       N/A         NO              NO              NO
950304004   12/31/2006        2.60%           N/A       N/A         NO              NO              NO
960307016         N/A         2.32%           N/A       N/A         NO              NO              NO
968517001     02/01/16        1.67%           N/A       N/A         NO              NO              NO
950102002         N/A         1.57%           N/A       N/A         NO              NO              NO
950204006     11/01/20        1.54%           N/A       N/A         NO              NO              NO
950307009         N/A         1.52%           N/A       N/A         NO              NO              NO
968530001     07/31/10        1.31%           N/A       N/A         NO              NO              NO
958543010         N/A         1.31%           N/A       N/A         NO              NO              NO
950305003   01/31/2005        1.25%           N/A       N/A         NO              NO              NO
958406001         N/A         1.23%           N/A       N/A         NO              NO              NO
952007001   08/14/2010        1.17%           N/A       N/A         NO              NO              NO
958412001     02/28/99        1.12%           N/A       N/A         NO              NO              NO
950307008   07/31/2000        0.48%           N/A       N/A         NO              NO              NO
968501002         N/A         0.25%           N/A       N/A         NO              NO              NO
958543007         N/A         1.09%           N/A       N/A         NO              NO              NO
950307014     06/08/14        1.08%           N/A       N/A         NO              NO              NO
950307006         N/A         0.90%           N/A       N/A         NO              NO              NO
950205002         N/A         0.89%           N/A       N/A         NO              NO              NO
958910009         N/A         0.90%           N/A       N/A         NO              NO              NO
958538004   11/30/2004        0.85%           N/A       N/A         NO              NO              NO
958528001   11/30/2006        0.84%           N/A       N/A         NO              NO              NO
958528003     08/31/96        0.86%           N/A       N/A         NO              NO              NO
952007003         N/A         0.74%           N/A       N/A         NO              NO              NO
950506001   01/31/1998        0.77%           N/A       N/A         NO              NO              NO
950103001         N/A         0.77%           N/A       N/A         NO              NO              NO
958530003     05/31/00        0.77%           N/A       N/A         NO              NO              NO
950307010         N/A         0.76%           N/A       N/A         NO              NO              NO
952007002         N/A         0.78%           N/A       N/A         NO              NO              NO
968510002         N/A         0.75%           N/A       N/A         NO              NO              NO
958505002   12/31/2000        0.69%           N/A       N/A         NO              NO              NO
958528002     06/01/09        0.67%           N/A       N/A         NO              NO              NO
958910008         N/A         0.65%           N/A       N/A         NO              NO              NO
952007005         N/A         0.61%           N/A       N/A         NO              NO              NO
950204005     09/30/98        0.61%           N/A       N/A         NO              NO              NO
950101001   07/14/1999        0.57%           N/A       N/A         NO              NO              NO
958010001   04/30/2006        0.56%           N/A       N/A         NO              NO              NO
958543011         N/A         0.54%           N/A       N/A         NO              NO              NO
950307005         N/A         0.52%           N/A       N/A         NO              NO              NO
950307004         N/A         0.51%           N/A       N/A         NO              NO              NO
950307002         N/A         1.12%           N/A       N/A         NO              NO              NO
958535001   08/14/2010        0.45%           N/A       N/A         NO              NO              NO
950307007         N/A         0.41%           N/A       N/A         NO              NO              NO
958543005         N/A         0.39%           N/A       N/A         NO              NO              NO
950307001         N/A         0.38%           N/A       N/A         NO              NO              NO
950307012   03/31/1996        0.38%           N/A       N/A         NO              NO              NO
958531002   01/14/2009        0.35%           N/A       N/A         NO              NO              NO
958505006         N/A         0.35%           N/A       N/A         NO              NO              NO
950903001         N/A         0.35%           N/A       N/A         NO              NO              NO
958447002         N/A         0.34%           N/A       N/A         NO              NO              NO
958910005         N/A         0.34%           N/A       N/A         NO              NO              NO
958543008         N/A         0.33%           N/A       N/A         NO              NO              NO
968503001         N/A         0.34%           N/A       N/A         NO              NO              NO
958543009         N/A         0.35%           N/A       N/A         NO              NO              NO

</TABLE>
                                      Page 1 of 3 (continued)
<PAGE>

<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                           PART B
<CAPTION>

          Specially                           In          In
 Loan ID   Serviced Workout/ Modification Foreclosure  Bankruptcy  REO
- --------- --------- --------------------- -----------  ----------  ---
<S>         <C>         <C>               <C>          <C>        <C>
950304001    NO              NO                NO          NO      NO
950304004    NO              NO                NO          NO      NO
960307016    NO              NO                NO          NO      NO
968517001    NO              NO                NO          NO      NO
950102002    NO              NO                NO          NO      NO
950204006    NO              NO                NO          NO      NO
950307009    NO              NO                NO          NO      NO
968530001    NO              NO                NO          NO      NO
958543010    NO              NO                NO          NO      NO
950305003    NO              NO                NO          NO      NO
958406001    NO              NO                NO          NO      NO
952007001    NO              NO                NO          NO      NO
958412001    NO              NO                NO          NO      NO
950307008    NO              NO                NO          NO      NO
968501002    NO              NO                NO          NO      NO
958543007    NO              NO                NO          NO      NO
950307014    NO              NO                NO          NO      NO
950307006    NO              NO                NO          NO      NO
950205002    NO              NO                NO          NO      NO
958910009    NO              NO                NO          NO      NO
958538004    NO              NO                NO          NO      NO
958528001    NO              NO                NO          NO      NO
958528003    NO              NO                NO          NO      NO
952007003    NO              NO                NO          NO      NO
950506001    NO              NO                NO          NO      NO
950103001    NO              NO                NO          NO      NO
958530003    NO              NO                NO          NO      NO
950307010    NO              NO                NO          NO      NO
952007002    NO              NO                NO          NO      NO
968510002    NO              NO                NO          NO      NO
958505002    NO              NO                NO          NO      NO
958528002    NO              NO                NO          NO      NO
958910008    NO              NO                NO          NO      NO
952007005    NO              NO                NO          NO      NO
950204005    NO              NO                NO          NO      NO
950101001    NO              NO                NO          NO      NO
958010001    NO              NO                NO          NO      NO
958543011    NO              NO                NO          NO      NO
950307005    NO              NO                NO          NO      NO
950307004    NO              NO                NO          NO      NO
950307002    NO              NO                NO          NO      NO
958535001    NO              NO                NO          NO      NO
950307007    NO              NO                NO          NO      NO
958543005    NO              NO                NO          NO      NO
950307001    NO              NO                NO          NO      NO
950307012    NO              NO                NO          NO      NO
958531002    NO              NO                NO          NO      NO
958505006    NO              NO                NO          NO      NO
950903001    NO              NO                NO          NO      NO
958447002    NO              NO                NO          NO      NO
958910005    NO              NO                NO          NO      NO
958543008    NO              NO                NO          NO      NO
968503001    NO              NO                NO          NO      NO
958543009    NO              NO                NO          NO      NO

</TABLE>
                                      Page 1 of 3 (continued)
<PAGE>

<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                                              PART B
<CAPTION>

                                                                                    Retail Properties Lease
                                                                          --------------------------------------------------
              Appraised     Appraisal Appraised Occupancy/  Occupancy                                Largest Tenant    Tenant %
  Loan ID        Value         Year      LTV    Percentage  as of Date  Largest Retail Tenant Name        Sq. Ft.    of Property
- ---------  ---------------   --------  -------- ----------  ----------  --------------------------   --------------  -----------
<S>       <C>               <C>        <C>      <C>       <C>          <C>                            <C>              <C>
968510001    $2,600,000.00   01/30/96    76.92%    92.98        N/A     N/A                                N/A            N/A
958007002    $2,600,000.00   10/05/95    73.27%    0.00         N/A     Margarita's (Kukai)               8,500         14.75%
958910007    $2,395,000.00   11/14/95    79.33%    96.77        N/A     N/A                                N/A            N/A
951302001    $3,600,000.00   09/07/95    70.60%   100.00        N/A     G.L. Perry                       19,760         33.12%
952007004    $2,530,000.00   10/16/95    74.31%    97.22        N/A     N/A                                N/A            N/A
958509003    $3,100,000.00   10/12/95    59.68%    97.87        N/A     N/A                                N/A            N/A
958504001    $2,750,000.00   12/28/95    68.00%    0.00         N/A     N/A                                N/A            N/A
958032002    $2,400,000.00   09/28/95    75.00%   100.00        N/A     Copy Tel                          9,042         20.24%
958910006    $2,540,000.00   11/28/95    70.87%    97.49        N/A     N/A                                N/A            N/A
950307003    $2,800,000.00   11/27/95    64.29%    91.61        N/A     N/A                                N/A            N/A
950307011    $2,600,000.00   11/05/95    67.69%   100.00        N/A     VP Dis Corp                       2,000         14.79%
958509002    $2,600,000.00   12/01/95    61.54%   100.00        N/A     N/A                                N/A            N/A
960307017    $9,400,000.00   01/28/96    76.06%    99.69        N/A     N/A                                N/A            N/A
950304003    $2,000,000.00   09/12/95    75.00%    97.18        N/A     N/A                                N/A            N/A
958536001    $2,550,000.00   12/27/95    58.82%    0.00         N/A     N/A                                N/A            N/A
958007001    $1,600,000.00   10/05/95    80.00%    95.56        N/A     N/A                                N/A            N/A
950307013    $1,620,000.00   10/06/95    68.52%    90.00        N/A     Amy Worell, D.V.M.                2,342         20.05%
958910004    $1,850,000.00   10/23/95    54.05%    99.48        N/A     N/A                                N/A            N/A
951201003    $1,300,000.00   12/06/95    57.69%   100.00        N/A     Corbin Factory                    4,148         31.33%
950103002    $3,450,000.00   11/16/95    71.01%   100.00        N/A     Vernitron                            61        100.00%
888868929   $14,800,000.00   08/24/95    73.82     97.60        N/A     N/A                                N/A            N/A
888868972   $14,750,000.00   08/08/95    72.88     92.00        N/A     N/A                                N/A            N/A
888868896   $14,750,000.00   08/08/95    72.88     92.00        N/A     N/A                                N/A            N/A
888868901   $16,400,000.00   10/13/95    61.28    100.00        N/A     N/A                                N/A            N/A
888868944   $16,600,000.00   05/01/95    57.83     97.10        N/A     Bugle Boy                         7,500          4.64%
888868945    $2,800,000.00   05/01/95    57.14    100.00        N/A     Furniture King                   60,000        123.71%
888868941   $10,500,000.00   11/08/95    74.29     92.05        N/A     N/A                                N/A            N/A
888868934   $11,000,000.00   10/13/95    70.00    100.00        N/A     N/A                                N/A            N/A
885051015    $1,920,000.00   03/01/96    61.20    100.00        N/A     International Paper              54,000        100.00%
888868897    $9,225,000.00   10/01/95    73.71     94.02        N/A     N/A                                N/A            N/A
888868900   $11,600,000.00   10/02/95    56.90    100.00        N/A     N/A                                N/A            N/A
888868923    $9,200,000.00   12/08/95    69.08     92.09        N/A     Blockbuster Video                 4,181          9.81%
888868968    $7,650,000.00   10/11/95    78.43     99.04        N/A     N/A                                N/A            N/A
888868940    $8,100,000.00   09/19/95    64.20     78.10        N/A     N/A                                N/A            N/A
888868969    $6,400,000.00   12/08/95    74.64     90.00        N/A     KP Famous Deli                    4,995          6.34%
888868964    $6,800,000.00   11/07/95    73.53     97.00        N/A     N/A                                N/A            N/A
888868899    $7,000,000.00   10/02/95    69.29    100.00        N/A     N/A                                N/A            N/A
888868949    $6,500,000.00   12/03/95    74.62     99.50        N/A     Joseph A. Banks                  10,998         15.78%
888868930    $6,100,000.00   08/22/95    75.06     96.70        N/A     N/A                                N/A            N/A
888868965    $6,700,000.00   09/14/95    67.91     93.40        N/A     N/A                                N/A            N/A
888868966    $6,825,000.00   11/03/95    60.62     97.00        N/A     N/A                                N/A            N/A
888868931    $5,970,000.00   07/19/95    70.69     94.59        N/A     N/A                                N/A            N/A
888868954    $5,800,000.00   12/08/95    70.69    100.00        N/A     Just For Feet                    17,000         35.41%
885051014    $5,500,000.00   03/01/96    75.00    100.00        N/A     Warehousing of Wisconsin        281,500        100.00%
888868885    $5,200,000.00   09/11/95    75.00     97.90        N/A     N/A                                N/A            N/A
888868892    $4,700,000.00   06/09/95    81.91    100.00        N/A     N/A                                N/A            N/A
888868971    $5,800,000.00   01/27/96    65.90     91.50        N/A     Reliable Stores, Inc.            23,110         26.50%
885051016    $5,200,000.00   02/01/96    74.58    100.00        N/A     Quality Logistics               242,500        100.00%
888868928    $5,000,000.00   10/20/95    75.00     97.52        N/A     N/A                                N/A            N/A
888868921    $6,800,000.00   11/01/95    52.94    100.00        N/A     Barney's America, inc.            4,900         26.54%
888868961    $5,000,000.00   12/01/95    70.00     94.10        N/A     N/A                                N/A            N/A
888868953    $6,000,000.00   12/22/95    56.67     89.60        N/A     N/A                                N/A            N/A
888868959    $5,100,000.00   12/11/96    64.82     87.00        N/A     The Madarian Chinese Rest         6,742          8.70%
885051007    $4,400,000.00   01/16/96    75.00     94.90        N/A     N/A                                N/A            N/A
888868922    $4,850,000.00   12/08/95    65.46     81.51        N/A     Waterbedland                      3,562         11.23%


</TABLE>
                                      Page 2 of 3
<PAGE>

<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                             PART B
<CAPTION>

                 As of Cut-off Date
               -----------------------
            Expiration   Cumulative % of    Date of         Times Delinquent Times Delinquent Times Delinquent
  Loan ID      Date    Pool as of Cutoff Modification Status     30 Days          60 Days          90 Days
- ---------   ---------- ----------------- ------------ ------  -------------  ---------------- ----------------
<S>         <C>        <C>                <C>          <C>    <C>             <C>              <C>
968510001         N/A         0.31%           N/A       N/A         NO              NO              NO
958007002   12/31/2000        0.29%           N/A       N/A         NO              NO              NO
958910007         N/A         0.29%           N/A       N/A         NO              NO              NO
951302001   07/31/2000        0.39%           N/A       N/A         NO              NO              NO
952007004         N/A         0.29%           N/A       N/A         NO              NO              NO
958509003         N/A         0.28%           N/A       N/A         NO              NO              NO
958504001         N/A         0.29%           N/A       N/A         NO              NO              NO
958032002   11/30/1996        0.28%           N/A       N/A         NO              NO              NO
958910006         N/A         0.28%           N/A       N/A         NO              NO              NO
950307003         N/A         0.28%           N/A       N/A         NO              NO              NO
950307011   03/31/1998        0.27%           N/A       N/A         NO              NO              NO
958509002         N/A         0.25%           N/A       N/A         NO              NO              NO
960307017         N/A         1.10%           N/A       N/A         NO              NO              NO
950304003         N/A         0.23%           N/A       N/A         NO              NO              NO
958536001         N/A         0.23%           N/A       N/A         NO              NO              NO
958007001         N/A         0.20%           N/A       N/A         NO              NO              NO
950307013   11/30/2002        0.17%           N/A       N/A         NO              NO              NO
958910004         N/A         0.15%           N/A       N/A         NO              NO              NO
951201003   08/31/1996        0.12%           N/A       N/A         NO              NO              NO
950103002     01/30/00        0.38%           N/A       N/A         NO              NO              NO
888868929         N/A         1.68%           N/A       N/A         NO              NO              NO
888868972         N/A         1.66%           N/A       N/A         NO              NO              NO
888868896         N/A         1.66%           N/A       N/A         NO              NO              NO
888868901         N/A         1.55%           N/A       N/A         NO              NO              NO
888868944      8/31/97        1.48%           N/A       N/A         NO              NO              NO
888868945      6/30/09        0.25%           N/A       N/A         NO              NO              NO
888868941         N/A         1.20%           N/A       N/A         NO              NO              NO
888868934         N/A         1.19%           N/A       N/A         NO              NO              NO
885051015       1/0/00        0.18%           N/A       N/A         NO              NO              NO
888868897         N/A         1.05%           N/A       N/A         NO              NO              NO
888868900         N/A         1.02%           N/A       N/A         NO              NO              NO
888868923     10/31/00        0.98%           N/A       N/A         NO              NO              NO
888868968         N/A         0.93%           N/A       N/A         NO              NO              NO
888868940         N/A         0.80%           N/A       N/A         NO              NO              NO
888868969      8/31/05        0.74%           N/A       N/A         NO              NO              NO
888868964         N/A         0.77%           N/A       N/A         NO              NO              NO
888868899         N/A         0.75%           N/A       N/A         NO              NO              NO
888868949      1/31/03        0.75%           N/A       N/A         NO              NO              NO
888868930         N/A         0.71%           N/A       N/A         NO              NO              NO
888868965         N/A         0.70%           N/A       N/A         NO              NO              NO
888868966         N/A         0.64%           N/A       N/A         NO              NO              NO
888868931         N/A         0.65%           N/A       N/A         NO              NO              NO
888868954      2/28/10        0.63%           N/A       N/A         NO              NO              NO
885051014       1/0/00        0.64%           N/A       N/A         NO              NO              NO
888868885         N/A         0.60%           N/A       N/A         NO              NO              NO
888868892         N/A         0.59%           N/A       N/A         NO              NO              NO
888868971       5/1/98        0.59%           N/A       N/A         NO              NO              NO
885051016       1/0/00        0.60%           N/A       N/A         NO              NO              NO
888868928         N/A         0.58%           N/A       N/A         NO              NO              NO
888868921      1/31/03        0.55%           N/A       N/A         NO              NO              NO
888868961         N/A         0.54%           N/A       N/A         NO              NO              NO
888868953         N/A         0.52%           N/A       N/A         NO              NO              NO
888868959      4/30/00        0.51%           N/A       N/A         NO              NO              NO
885051007         N/A         0.51%           N/A       N/A         NO              NO              NO
888868922      2/29/96        0.49%           N/A       N/A         NO              NO              NO


</TABLE>
                                      Page 2 of 3 (continued)
<PAGE>

<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                           PART B
<CAPTION>

          Specially                           In          In
 Loan ID   Serviced Workout/ Modification Foreclosure  Bankruptcy  REO
- --------- --------- --------------------- -----------  ----------  ---
<S>         <C>         <C>               <C>          <C>        <C>
968510001    NO              NO                NO          NO      NO
958007002    NO              NO                NO          NO      NO
958910007    NO              NO                NO          NO      NO
951302001    NO              NO                NO          NO      NO
952007004    NO              NO                NO          NO      NO
958509003    NO              NO                NO          NO      NO
958504001    NO              NO                NO          NO      NO
958032002    NO              NO                NO          NO      NO
958910006    NO              NO                NO          NO      NO
950307003    NO              NO                NO          NO      NO
950307011    NO              NO                NO          NO      NO
958509002    NO              NO                NO          NO      NO
960307017    NO              NO                NO          NO      NO
950304003    NO              NO                NO          NO      NO
958536001    NO              NO                NO          NO      NO
958007001    NO              NO                NO          NO      NO
950307013    NO              NO                NO          NO      NO
958910004    NO              NO                NO          NO      NO
951201003    NO              NO                NO          NO      NO
950103002    NO              NO                NO          NO      NO
888868929    NO              NO                NO          NO      NO
888868972    NO              NO                NO          NO      NO
888868896    NO              NO                NO          NO      NO
888868901    NO              NO                NO          NO      NO
888868944    NO              NO                NO          NO      NO
888868945    NO              NO                NO          NO      NO
888868941    NO              NO                NO          NO      NO
888868934    NO              NO                NO          NO      NO
885051015    NO              NO                NO          NO      NO
888868897    NO              NO                NO          NO      NO
888868900    NO              NO                NO          NO      NO
888868923    NO              NO                NO          NO      NO
888868968    NO              NO                NO          NO      NO
888868940    NO              NO                NO          NO      NO
888868969    NO              NO                NO          NO      NO
888868964    NO              NO                NO          NO      NO
888868899    NO              NO                NO          NO      NO
888868949    NO              NO                NO          NO      NO
888868930    NO              NO                NO          NO      NO
888868965    NO              NO                NO          NO      NO
888868966    NO              NO                NO          NO      NO
888868931    NO              NO                NO          NO      NO
888868954    NO              NO                NO          NO      NO
885051014    NO              NO                NO          NO      NO
888868885    NO              NO                NO          NO      NO
888868892    NO              NO                NO          NO      NO
888868971    NO              NO                NO          NO      NO
885051016    NO              NO                NO          NO      NO
888868928    NO              NO                NO          NO      NO
888868921    NO              NO                NO          NO      NO
888868961    NO              NO                NO          NO      NO
888868953    NO              NO                NO          NO      NO
888868959    NO              NO                NO          NO      NO
885051007    NO              NO                NO          NO      NO
888868922    NO              NO                NO          NO      NO

</TABLE>
                                      Page 2 of 3 (continued)
<PAGE>


<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                                              PART B
<CAPTION>

                                                                                    Retail Properties Lease
                                                                          --------------------------------------------------
              Appraised     Appraisal Appraised Occupancy/  Occupancy                                Largest Tenant    Tenant %
  Loan ID        Value         Year      LTV    Percentage  as of Date  Largest Retail Tenant Name        Sq. Ft.    of Property
- ---------  ---------------   --------  -------- ----------  ----------  --------------------------   --------------  -----------
<S>       <C>               <C>        <C>      <C>       <C>          <C>                            <C>              <C>
888868893    $3,640,000.00   08/01/95    85.99    100.00        N/A     N/A                                N/A            N/A
888868865    $3,550,000.00   08/09/96    85.01     92.45        N/A     N/A                                N/A            N/A
888830081    $4,800,000.00   05/01/95    62.79    100.00        N/A     KMart                            82,911         63.12%
888868951    $5,050,000.00   12/12/95    59.41    100.00        N/A     Ski Market                       10,000         16.64%
888868942    $4,100,000.00   11/07/95    70.29     89.58        N/A     N/A                                N/A            N/A
888868898    $3,900,000.00   08/15/95    73.08     91.21        N/A     N/A                                N/A            N/A
888868914    $3,810,000.00   10/14/95    72.18    100.00        N/A     Gerland's Food Fair              31,617         50.75%
888868952    $3,600,000.00   12/22/95    75.00     97.40        N/A     N/A                                N/A            N/A
888868887    $3,500,000.00   08/09/95    74.09    100.00        N/A     N/A                                N/A            N/A
888868938    $3,400,000.00   11/07/95    75.00     96.88        N/A     N/A                                N/A            N/A
888868902    $3,400,000.00   08/01/95    75.00     99.19        N/A     N/A                                N/A            N/A
888868943    $4,200,000.00   10/25/95    60.21     91.00        N/A     N/A                                N/A            N/A
888868888    $3,350,000.00   09/02/95    75.01     99.00        N/A     N/A                                N/A            N/A
888868958    $3,200,000.00   12/13/95    78.13     95.00        N/A     N/A                                N/A            N/A
888868913    $3,900,000.00   07/26/95    57.05     93.10        N/A     Boston Billiards                 12,540         37.72%
885051001    $3,200,000.00   12/18/95    70.00     90.00        N/A     The Epicurean                     3,800         11.30%
888868939    $3,500,000.00   11/13/95    60.00     98.10        N/A     N/A                                N/A            N/A
888868925    $3,200,000.00   10/18/95    59.38     88.56        N/A     N/A                                N/A            N/A
888868889    $2,600,000.00   09/11/95    73.08     98.10        N/A     N/A                                N/A            N/A
888868976    $3,200,000.00   01/19/96    54.69     93.00        N/A     Showbiz Pizza Time, Inc.         12,500         31.65%
888868866    $2,150,000.00   08/02/95    81.49     98.40        N/A     N/A                                N/A            N/A
888868936    $2,600,000.00   11/16/95    66.15     92.00        N/A     Pier One                          8,352         15.88%
888868829    $1,900,000.00   08/09/96    85.00     84.60        N/A     N/A                                N/A            N/A
888868860   $11,600,000.00   09/01/95    68.97     94.10        N/A     N/A                                N/A            N/A
885051011    $2,200,000.00   01/19/96    68.82     97.00        N/A     N/A                                N/A            N/A
888868927    $3,600,000.00   10/05/95    41.67     97.65        N/A     N/A                                N/A            N/A
888868891    $2,150,000.00   09/18/95    69.77     87.50        N/A     N/A                                N/A            N/A
888868962    $1,950,000.00   10/09/95    74.87    100.00        N/A     N/A                                N/A            N/A
888868920    $1,950,000.00   08/31/95    70.67     98.96        N/A     N/A                                N/A            N/A
888868916    $2,000,000.00   08/16/95    68.75    100.00        N/A     Mings Supermarket, Inc.          18,668         65.48%
885051003    $1,800,000.00   01/03/96    75.00    100.00        N/A     N/A                                N/A            N/A
888868917    $2,100,000.00   10/01/95    64.57     93.03        N/A     N/A                                N/A            N/A
888868859    $1,750,000.00   08/14/95    72.23     98.73        N/A     N/A                                N/A            N/A
885051006    $2,100,000.00   01/11/96    66.67     93.30        N/A     N/A                                N/A            N/A
888868947    $3,000,000.00   11/03/95    43.27     94.00        N/A     N/A                                N/A            N/A
888868946    $2,485,000.00   11/17/95    52.11     94.00        N/A     N/A                                N/A            N/A
888868963    $1,425,000.00   10/09/95    80.00    100.00        N/A     N/A                                N/A            N/A
888868919    $1,500,000.00   10/08/95    68.13     98.40        N/A     N/A                                N/A            N/A
888868967    $1,620,000.00   11/17/95    63.33     93.00        N/A     N/A                                N/A            N/A
888868915    $1,800,000.00   08/11/95    44.44    100.00        N/A     Trafalgar Financial Servi         4,150         19.81%
888830006    $1,175,000.00   08/30/95    70.64    100.00        N/A     N/A                                N/A            N/A
885051013   $10,000,000.00   03/01/96    63.00    100.00        N/A     Warehousing of Wisconsin        378,125         80.03%
888868970    $1,250,000.00   11/03/95    72.80     99.00        N/A     N/A                                N/A            N/A
888868973    $1,360,000.00   09/18/96    75.00     92.00        N/A     N/A                                N/A            N/A
888868974    $1,725,000.00   09/18/96    75.01     95.00        N/A     N/A                                N/A            N/A
885051023    $6,050,000.00   11/28/95    73.55     93.00        N/A     N/A                                N/A            N/A
885051024    $5,800,000.00   11/28/95    71.12     95.00        N/A     N/A                                N/A            N/A
885051025    $1,950,000.00   01/03/96    76.00     98.58        N/A     N/A                                N/A            N/A
885051021    $9,000,000.00   02/21/96    61.67     95.50        N/A     N/A                                N/A            N/A
885051020    $6,800,000.00   01/10/96    57.35     83.80        N/A     N/A                                N/A            N/A
           $912,220,000.00

TOTALS:    159


</TABLE>
                                      Page 3 of 3
<PAGE>

<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                             PART B
<CAPTION>

                 As of Cut-off Date
               -----------------------
            Expiration   Cumulative % of    Date of         Times Delinquent Times Delinquent Times Delinquent
  Loan ID      Date    Pool as of Cutoff Modification Status     30 Days          60 Days          90 Days
- ---------   ---------- ----------------- ------------ ------  -------------  ---------------- ----------------
<S>         <C>        <C>                <C>          <C>    <C>             <C>              <C>
888868893         N/A         0.48%           N/A       N/A         NO              NO              NO
888868865         N/A         0.47%           N/A       N/A         NO              NO              NO
888830081     11/30/11        0.46%           N/A       N/A         NO              NO              NO
888868951      4/30/96        0.46%           N/A       N/A         NO              NO              NO
888868942         N/A         0.44%           N/A       N/A         NO              NO              NO
888868898         N/A         0.44%           N/A       N/A         NO              NO              NO
888868914       8/1/07        0.42%           N/A       N/A         NO              NO              NO
888868952         N/A         0.42%           N/A       N/A         NO              NO              NO
888868887         N/A         0.40%           N/A       N/A         NO              NO              NO
888868938         N/A         0.39%           N/A       N/A         NO              NO              NO
888868902         N/A         0.39%           N/A       N/A         NO              NO              NO
888868943         N/A         0.39%           N/A       N/A         NO              NO              NO
888868888         N/A         0.39%           N/A       N/A         NO              NO              NO
888868958         N/A         0.39%           N/A       N/A         NO              NO              NO
888868913      6/30/09        0.34%           N/A       N/A         NO              NO              NO
885051001      12/1/99        0.35%           N/A       N/A         NO              NO              NO
888868939         N/A         0.32%           N/A       N/A         NO              NO              NO
888868925         N/A         0.29%           N/A       N/A         NO              NO              NO
888868889         N/A         0.29%           N/A       N/A         NO              NO              NO
888868976     12/31/97        0.27%           N/A       N/A         NO              NO              NO
888868866         N/A         0.27%           N/A       N/A         NO              NO              NO
888868936      8/31/98        0.26%           N/A       N/A         NO              NO              NO
888868829         N/A         0.25%           N/A       N/A         NO              NO              NO
888868860         N/A         1.23%           N/A       N/A         NO              NO              NO
885051011         N/A         0.23%           N/A       N/A         NO              NO              NO
888868927         N/A         0.23%           N/A       N/A         NO              NO              NO
888868891         N/A         0.23%           N/A       N/A         NO              NO              NO
888868962         N/A         0.23%           N/A       N/A         NO              NO              NO
888868920         N/A         0.21%           N/A       N/A         NO              NO              NO
888868916      5/31/00        0.21%           N/A       N/A         NO              NO              NO
885051003         N/A         0.21%           N/A       N/A         NO              NO              NO
888868917         N/A         0.21%           N/A       N/A         NO              NO              NO
888868859         N/A         0.20%           N/A       N/A         NO              NO              NO
885051006         N/A         0.22%           N/A       N/A         NO              NO              NO
888868947         N/A         0.20%           N/A       N/A         NO              NO              NO
888868946         N/A         0.20%           N/A       N/A         NO              NO              NO
888868963         N/A         0.18%           N/A       N/A         NO              NO              NO
888868919         N/A         0.16%           N/A       N/A         NO              NO              NO
888868967         N/A         0.16%           N/A       N/A         NO              NO              NO
888868915     12/31/99        0.12%           N/A       N/A         NO              NO              NO
888830006         N/A         0.13%           N/A       N/A         NO              NO              NO
885051013       1/0/00        0.97%           N/A       N/A         NO              NO              NO
888868970         N/A         0.14%           N/A       N/A         NO              NO              NO
888868973         N/A         0.16%           N/A       N/A         NO              NO              NO
888868974         N/A         0.20%           N/A       N/A         NO              NO              NO
885051023         N/A         0.69%           N/A       N/A         NO              NO              NO
885051024         N/A         0.64%           N/A       N/A         NO              NO              NO
885051025         N/A         0.23%           N/A       N/A         NO              NO              NO
885051021         N/A         0.86%           N/A       N/A         NO              NO              NO
885051020         N/A         0.60%           N/A       N/A         NO              NO              NO


</TABLE>
                                      Page 3 of 3 (continued)
<PAGE>

<TABLE>
                                     FORM OF UPDATED MORTGAGE LOAN SCHEDULE                           PART B
<CAPTION>

          Specially                           In          In
 Loan ID   Serviced Workout/ Modification Foreclosure  Bankruptcy  REO
- --------- --------- --------------------- -----------  ----------  ---
<S>         <C>         <C>               <C>          <C>        <C>
888868893    NO              NO                NO          NO      NO
888868865    NO              NO                NO          NO      NO
888830081    NO              NO                NO          NO      NO
888868951    NO              NO                NO          NO      NO
888868942    NO              NO                NO          NO      NO
888868898    NO              NO                NO          NO      NO
888868914    NO              NO                NO          NO      NO
888868952    NO              NO                NO          NO      NO
888868887    NO              NO                NO          NO      NO
888868938    NO              NO                NO          NO      NO
888868902    NO              NO                NO          NO      NO
888868943    NO              NO                NO          NO      NO
888868888    NO              NO                NO          NO      NO
888868958    NO              NO                NO          NO      NO
888868913    NO              NO                NO          NO      NO
885051001    NO              NO                NO          NO      NO
888868939    NO              NO                NO          NO      NO
888868925    NO              NO                NO          NO      NO
888868889    NO              NO                NO          NO      NO
888868976    NO              NO                NO          NO      NO
888868866    NO              NO                NO          NO      NO
888868936    NO              NO                NO          NO      NO
888868829    NO              NO                NO          NO      NO
888868860    NO              NO                NO          NO      NO
885051011    NO              NO                NO          NO      NO
888868927    NO              NO                NO          NO      NO
888868891    NO              NO                NO          NO      NO
888868962    NO              NO                NO          NO      NO
888868920    NO              NO                NO          NO      NO
888868916    NO              NO                NO          NO      NO
885051003    NO              NO                NO          NO      NO
888868917    NO              NO                NO          NO      NO
888868859    NO              NO                NO          NO      NO
885051006    NO              NO                NO          NO      NO
888868947    NO              NO                NO          NO      NO
888868946    NO              NO                NO          NO      NO
888868963    NO              NO                NO          NO      NO
888868919    NO              NO                NO          NO      NO
888868967    NO              NO                NO          NO      NO
888868915    NO              NO                NO          NO      NO
888830006    NO              NO                NO          NO      NO
885051013    NO              NO                NO          NO      NO
888868970    NO              NO                NO          NO      NO
888868973    NO              NO                NO          NO      NO
888868974    NO              NO                NO          NO      NO
885051023    NO              NO                NO          NO      NO
885051024    NO              NO                NO          NO      NO
885051025    NO              NO                NO          NO      NO
885051021    NO              NO                NO          NO      NO
885051020    NO              NO                NO          NO      NO

</TABLE>
                                      Page 3 of 3 (continued)
<PAGE>



© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission